NPRO – Sale of Kolstadgata 1
Norwegian Property ASA has entered into an agreement for the sale of Kolstadgata 1 at Tøyen, Oslo. The property has neither any tenant nor rental income and is on leasehold. The property value is NOK 32 million, which is NOK 3.3 million below the current valuation. As a result of the sale the area vacancy of the company will be reduced by approximately 1 percentage point. The buyer is Enata Eiendom AS.
Kolstadgata 1 is outside the strategic focus area of Norwegian Property and the property has not had rental income for more than a year. The sale is in line with Norwegian Property’s strategy to actively develop the portfolio.
The transaction is estimated to be completed during October 2011.
For further information, please contact:
Svein Hov Skjelle, CFO, telephone +47 930 555 66
Elise Heidenreich-Andersen, SVP Investor Relations, telephone +47 951 41 147
Norwegian Property is a focused and fully integrated office property company with 48 properties located in the Oslo area and Stavanger in Norway. The portfolio, which has a total fair value of NOK 15.6 billion, is characterized by central location and attractive premises with low vacancy and high quality tenants. The group’s properties consist largely of office premises, associated warehousing and car parking, as well as retail and catering space. The company has identified four value drivers for long-term value creation; Marketing & letting, Property management, Property development and Transactions & finance.
Norwegian Property is listed on Oslo Stock Exchange with the ticker NPRO.