Tallinna Kaubamaja            NEWS RELEASE                      09/24/2004



SALE OF PROPERTY



Today, on 24 September Tallinna Kaubamaja Kinnisvara AS, a full subsidiary of

Tallinna Kaubamaja AS, concluded agreements for the sale of two properties

with the addresses of Paldiski mnt 56 ja 58, Tallinn and Vesivärava 37,

Tallinn. The buyers of the properties are subsidiaries of Baltic Property

Trust A/S and Baltic Property Trust Secura A/S.



The selling price of the two properties amounted to 126 million kroons (8.1

million euros) and their residual value as at 31.09.2004 was 85.4 million

kroons (5.5 million euros). The size of the related transaction costs was

0.3 million kroons (0.02 million euros). So the profit of the transactions

was 40.3 million kroons (2.6 million euros).



A-Selver will continue to lease the space in the two buildings under

existing conditions according to long-term lease agreement. Merimetsa

Selver is situated at Paldiski mnt. 56 and Torupilli Selver at Vesivärava

37.



The financial resources to be obtained from the transactions will be used

to finance the development project of Tartu Kaubamaja. The funds from the

transaction will be credited to the account of Tallinna Kaubamaja

Kinnisvara AS after the buyers will be entered as owners of the properties

in the Property Register which according to Property Register Act may take

up to three months.



Baltic Property Trust A/S and Baltic Property Trust Secura A/S are

companies registered in Denmark investing in Baltic commercial property.

The owners of the Baltic Property Trust Group are Scandinavian and Baltic

pension and investment funds, insurance companies, bank customers and the

management of the company.





Katrin Mühls

CFO and Sales Director

+372 6 673 200