CORRECTION: Norwegian Property acquires office sections in Terminal building at Aker Brygge
Norwegian Property ASA (“NPRO”) has entered into an agreement to acquire four office sections located in the Terminal building at Aker Brygge for NOK 122.5 million. The seller is a group of private investors and the sections is let out on a short-term contract to Law firm Bugge, Arentz-Hansen and Rasmussen. The transaction is expected to be closed in September 2011.
The sections comprise of approximately 2,500 m² of office area with a yearly income around NOK 7 million. NPRO regards the transaction as attractive both in financial and operational terms.
Aker Brygge is among the most attractive office, shopping and residential areas in Oslo and one of NPRO’s main target areas. The company has launched extensive plans for upgrading and modernisation of Aker Brygge, aiming to make the area even more attractive both as an office cluster and as a city centre in Oslo. These plans also include the Terminal building, thus the acquisition is regarded as strategic. The building will, as an example, have a new and more distinct glass front towards the city, which will be highly visible in the urban landscape, and draw attention to the main entry of Aker Brygge. NPRO now owns all sections in the Terminal building.
For further information, please contact:
Svein Hov Skjelle
EVP&CFO
Tel: 47 930 55 566
Email: shs@npro.no
Elise Heidenreich-Andersen
SVP Investor Relations
Tel: 47 951 41 147
Email: eha@npro.no
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.