Gjensidige Forsikring ASA and AMF Pensionsförsäkring AB divest Oslo Areal
Gjensidige Forsikring and the Swedish occupational pension company AMF Pensionsförsäkring AB have entered into a Share Purchase Agreement with Entra ASA for the sale of the commercial real estate developer Oslo Areal (“OA”). The parties own 50 per cent each in OA. The purpose of the sale is to create further room for OA's strategic development.
The agreed purchase price is approximately NOK 13.55 billion for 100 per cent of the share capital of OA, payable fully in cash at completion. Closing is expected to take place in mid-January 2022. Depending on the timing of the customary regulatory approval, the accounting effect of the sale will be included either in Q4 2021 or Q1 2022 for Gjensidige. Gjensidige Forsikring Group will receive proceeds of approximately NOK 6.8 billion, and will record a gain of approximately NOK 2 billion. This gain will be excluded from the basis for calculating the payout ratio for regular dividends.
The proceeds from the transaction will be reinvested in the free investment portfolio. Gjensidige Forsikring Group's solvency margin, according to the approved Partial Internal Model, after the sale is completed, will be increased by 13 percentage points, calculated on the basis of the solvency margin as at 30 September 2021.
This release contains inside information related to Gjensidige Forsikring ASA pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
This release contains alternative performance measures (APMs). APMs are described at www.gjensidige.no/reporting in a document named APMs Gjensidige Forsikring Group Q3 2021.
This release is issued by Mitra H. Negård, Head of IR at Gjensidige Forsikring ASA.
Date and time of publication: 08:30 CET, 03.12.2021
Contact persons Gjensidige Forsikring ASA:
Head of Investor Relations: Mitra H. Negård, Tel: +47 957 93 631
Head of Communication: Øystein Thoresen, Tel: + 47 952 33 382