The transaction was previously announced on April 26, 2007, when SEB and Homburg Invest entered into an agreement to acquire the Baltic portfolio. Due to the exercise of pre-emptive rights by third parties for certain of the properties, the acquired portfolio consists of 54 properties instead of the original 63 properties previously announced. With respect to the properties, 39 are occupied by SEB under long-term leases and 15 properties are primarily leased to other tenants or have short-term leases with SEB.

The transaction was completed at an aggregate purchase price of approximately CAD 268,250,000 (EURO 185,000,000) with a long-term debt financing of CAD 194,100,000 (EURO 134,000,000) from SEB Merchant Bank with the remainder of the purchase price being paid in cash.

The acquisition by Homburg Invest of this sale and lease back portfolio is consistent with its stated policies for growth and geographic diversification. The timing is good due to strong economical growth in the Baltic's with increased demand for office and retail space. The portfolio consists primarily of larger properties with significant development potential in attractive locations.

Richard Homburg, Chairman and CEO of Homburg Invest stated that "the Homburg group has been active in the Baltic region for several years with a local management company. The aim is to become a major player in the Baltic market by developing and managing a diversified portfolio of projects. Based on the existing infrastructure and good real estate opportunities in the Baltic's at this time, we are very pleased to announce that the Company has concluded this strategic acquisition. We believe that by having SEB as a long-term lessee in quality real estate, the acquisition will be accretive to Homburg Invest. It also gives the Company a platform for further expansion in this region".

The SEB is a North European financial group for 400,000 corporate customers and institutions, and 5 million private customers. SEB has a local presence in the Nordic and Baltic countries, Germany, Poland, the Ukraine and Russia and has a global presence through its international network in another 10 countries. The Group's total assets are estimated at SEK 1,934bn (approx. CAD 320 billion) while estimated assets under management total SEK 1,262bn (approx. CAD 209 billion). The Group has about 20,000 employees. -- www.cnxmarketlink.com