June 2006

Financial and strategic advisor to Thylander Gruppen in connection with the acquisition of a majority shareholding in Torsana

We have acted as financial advisor to Thylander Gruppen in connection with the acquisition of the listed company Torsana, now Victoria Properties, from Juel Nielsen Holding.

The acquisition together with a subsequent directed rights issue created a platform for the publicly listed company Victoria Properties, which focused on investing in prime location commercial and residential properties in Germany with initial focus on Berlin and Hamburg.

Further, we advised Victoria Properties in connection with a capital increase including a listing of the shares on NASDAQ OMX Copenhagen. The capital increase was structured as a rights issued directed at four core investors. The total proceeds amounted to DKK 200 m.

 We prepared all materials to potential investors, acquisition documentation as well as prospectus for the rights issue. We handled all communications with the Danish FSA and NASDAQ OMX Copenhagen as well as all announcements and materials.