Enters into new large lease contract at Stranden 1, Aker Brygge

Norwegian Property has entered into a lease contract for an area of about 11 170 square meters in Stranden 1 at Aker Brygge. The lease length is 10 years and the tenant is expected to move in during the first quarter of 2015 when the current refurbishment project is completed. The rent is agreed on market terms and reflects both the attractiveness of Aker Brygge and the standard of the building after a planned refurbishment.

The tenant is a leading enterprise within its business and delivers services to a wide range of customers. The tenant does not want its name to be disclosed.

The building Stranden 1 (previously the Terminal building) was originally built in 1986. The property is currently undergoing a complete refurbishment and will offer modern functionality, space efficiency and environmental friendly offices. The property comprises approximately 24 000 square meters, and with the most recent contract around 75 per cent of the space has been let. The major other tenants are DNO, Kistefos and Druen. The remaining unlet spaces are mainly related to retail areas and smaller office areas, mainly on the 5th floor.

"We have great ambitions for the future development and revitalisation of Aker Brygge. Aker Brygge has one of the best locations in Oslo, with proximity to public transportation and parking areas below the ground. Aker Brygge also offers one of Oslo's most attractive office locations, with a unique combination of offices, shops, restaurants and residential areas.

We are very pleased with the new lease contract. One and a half year before completion we have signed lease contracts for major parts of Stranden 1. We are continually signing lease contracts also in other buildings on Aker Brygge reflecting the buildings’ and the area’s attractiveness," says CEO Olav Line.
　

　

For further information, please contact:
Olav Line, CEO phone +47 48 25 41 49
Aili Klami, EVP Leasing and Marketing, phone +47 95 26 45 55

Norwegian Property is a focused and fully integrated office property company with 42 properties located in the Oslo area and Stavanger in Norway. The portfolio, which has a total fair value of NOK 14.5 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.

www.npro.no