Norwegian Property extends lease contract with NAV in Oslo

Norwegian Property has agreed with NAV (the Norwegian Labour and Welfare organisation) to extend the existing lease contract in Ibsenkvartalet (C.J.Hambros plass 2) for 5 years from 1 October 2011.


The lease contract comprises approximately 9 200 square meters. The extended lease contract implies a rental uplift of approximately 14 per cent.


The extension is agreed based upon "as-is" terms, i.e. no investment obligations for the lessor.


Director leasing and market Market Aili Klami says in a comment:


"NAV's space in Ibsenkvartalet comprise approximately 20 per cent rental space up for renewal in 2011. We secure a public tenant for five years on better terms. The new contract confirms that the Oslo rental market is improving."


For further information, please contact:


Norwegian Property ASA


Olav Line, CEO

Tel. +47 48 25 41 49


Aili Klami, director leasing and market

Tel. +47 95 26 45 55


This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)