Change of ownership in Sjælsø Gruppen's main shareholder, SG

							                                                                                   Stock ExchangE announcEmEnt no. 9
                                                                                                     16 octobEr 2009




Change of ownership in Sjælsø Gruppen’s main shareholder, SG Nord Holding.

Ib Henrik Rønje and Torben Rønje resigning from Sjælsø Gruppen’s Board of Directors.


Sjælsø Gruppen has today received the following announce-           SvEINN BJöRNSSoN, CEo oF CUBE PRoPERTIES,
ment from the Company’s main shareholder, SG Nord Holding:          ANNoUNCES:
                                                                    ”We are pleased to be able to increase our investment in Sjælsø
”In connection with the planned rights issue in Sjælsø              Gruppen by fully acquiring SG Nord Holding as we have great
Gruppen, the shareholders of SG Nord Holding have decided to        confidence in Sjælsø Gruppen and its management team. We
do a full split up of the ownership of the investments in SG Nord   have full trust in Sjælsø Gruppen’s ability to take on the
Holding.                                                            current challenges in the property market with positive results,
                                                                    and maintain its position as a leading property development
The parties have agreed that Ib Henrik Rønje and Torben Rønje       company in Scandinavia. As previously announced, SG Nord
in the future will focus on the ownership of Copenhagen Towers,     Holding has issued a conditional advanced undertaking to
whereas CUBE Properties in the future will focus on the share-      subscribe for new shares in connection with the planned rights
holding in Sjælsø Gruppen. Upon splitting up the ownership,         issue in Sjælsø Gruppen. We are pleased to announce that
SG Nord Holding will remain the owner of the shares in Sjælsø       after a successful due diligence the underwriting commitment
Gruppen and will be 100% controlled by CUBE Properties.             from SG Nord Holding is now only conditional upon that share-
                                                                    holders on the planned General Meeting adopt a resolution to
As a consequence of this, Ib Henrik Rønje and Torben Rønje will     increase Sjælsø Gruppen’s share capital as well as the issue
resign from Sjælsø Gruppen’s Board of Directors effective           of warrants to SG Nord Holding and certain other customary
today. Furthermore Ib Henrik Rønje wishes to resign from his        conditions.”
current job in Sjælsø Gruppen in order to fully focus on the
development of Copenhagen Towers.
                                                                    ABoUT CUBE PRoPERTIES
SG Nord Holding concurrently announces that, at a coming            CUBE Properties was formerly known as Novator Properties
General Meeting after the rights issue, it will propose 2 new       until it underwent an extensive corporate restructuring during
members to be elected for the Board of Directors of Sjælsø          the summer of 2009. CUBE Properties is a real estate company
Gruppen.”                                                           investing in the Nordic region and aside from its strategic
                                                                    shareholding in Sjælsø Gruppen the company owns portfolios
                                                                    of prime real estate assets in Finland and Iceland. CUBE
JoHN R. FREDERIkSEN, CHAIRMAN oF THE BoARD                          Properties is owned by various investors, including banks and
oF DIRECToRS oF SJælSø GRUPPEN, ANNoUNCES:                          international investors.
”Sjælsø Gruppen would like to thank Ib Henrik Rønje and
Torben Rønje for more than 32 years of persistent and
committed efforts for developing Sjælsø Gruppen into a leading
company within property development. of course, it is always a      FURTHER INFoRMATIoN:
special situation when the company’s founders resign from the       John R. Frederiksen                   Flemming Joseph Jensen
company, but we fully understand Ib Henrik Rønje’s and Torben       Chairman                              CEo
Rønje’s decision as to in future focusing on the ownership of       Tel. +45 4053 5522                    Tel. +45 4015 6609
Copenhagen Towers and their other activities. We are pleased
with the confidence CUBE Properties shows Sjælsø Gruppen
through their support and commitment to the planned rights
issue.”