Landic Property hf. - Company Announcement

Landic Property hf. and some of its Danish subsidiaries enter temporary suspension of payments

Landic Property hf. and some of its Danish subsidiaries enter temporary
suspension of payments 

• The suspension of payments does not apply to the companies in Denmark,
Sweden, Iceland and Finland that specialise in leasing and operating Landic
Property´s commercial properties 

The Board of Directors of Landic Property hf. (parent company of Landic
Property Group) has filed an application for a temporary suspension of payments
at the District Court of Reykjavík. Furthermore, a number of Danish
subsidiaries of Landic Property have filed for a temporary suspension of
payments at the Copenhagen Maritime and Commercial court. 

Operations of all of Landic Property´s subsidiaries continue and the company´s
tenants in Iceland, Denmark, Sweden and Finland are not affected by the
suspension of payment. 

The filing for a temporary suspension of payments is being done to protect the
interests of all creditors and stakeholders of Landic Property whilst the
ongoing restructuring of Landic Property, including the sale of a majority
stake in the company's activities in Denmark and Sweden, is completed. 

In Iceland, the temporary suspension of payments only applies to the parent
company, Landic Property hf. In Denmark, Landic Property A/S, Keops Development
A/S, Landic Investment A/S, Keops Bolig A/S and a number of special purpose
development companies(see a complete list on the company´s website) have filed
for temporary suspension of payments. Michael Ziegler of Plesner Law Firm is
expected to be appointed as ad ministrator to the Danish companies during the
suspension of payments. 

The suspension of payments does not apply to the companies in Denmark, Sweden,
Iceland and Finland that specialise in leasing and operating Landic Property´s
commercial properties. Non-affected companies include, but are not limited to:
Landic Property Denmark A/S (formerly Atlas), Landic Property Denmark II A/S
(the Magasin/Illum properties), Landic Property Sverige AB, Landic Property
Finland Oy, Landic Property Bonds I A/S (the so-called SAS-portfolio), Landic
Property Bonds VI (Sweden) A/S, Landic Property Bonds VII (Stock-holm)
A/S,Landic Property Bonds VIII (Sverige II) A/S, Landic InvestorService A/S,
Landic Ísland ehf., Langastétt ehf., Landsafl ehf., Landic Property Ísland
ehf., Austurstraeti 14 ehf., FS6 ehf., and Líf fasteignir ehf. 

For further information please contact:

Landic Property hf	
Vidar Thorkelsson, CEO	
Phone +354 575 9000			
E-mail: vth@landicproperty.com	

Landic Property A/S		
Michael Sheikh				
Phone: +45 33 78 40 00 			
E-mail: ms@landicproperty.com

Attachments:

press release landic property 16 april.pdf