NPRO - Agreement on sale of Stavanger properties

Report this content

Norwegian Property has entered into an agreement for the sale of four properties in Forus, Stavanger; Grenseveien 19 and 21, Maskinveien 32 and Svanholmen 2. The buyer is V20 Invest AS, gross property value is NOK 237 million.

Badehusgata 33-39 in Stavanger city center is also sold, but NPRO will still own 50% in a joint venture with the buyers Camar Eiendom (35%) and Agera Eiendom (15%). Gross property value is agreed at NOK 280 million.

The total property value was NOK 513 million at the end of the third quarter of 2018. This is the last completed external valuation, of which Badehusgata 33-39 amounted to NOK 280 million. The transaction will be completed in mid-December 2018 in the form of sale of real estate companies.

The sale is in line with Norwegian Property’s strategy to focus the company's capital on areas where we have synergies, our own crew on the ground and see other comparative advantages to our competitors. By carrying out these transactions, we will still have a good exposure to the Stavanger region through two different JVs with local partners. In Forusbeen we have a cooperation with the Base Group, and in Stavanger city center we now work together with Camar Eiendom and Agera Eiendom in Badehusgata.

The transaction comprises a total of 3 employees and consultants for hire.

The key figures for the properties are:

Total space 69 472 sqm
Run rate per 30 September 2018 NOK 31 million

Other key figures for the properties per 30. September 2018 are available in the quarterly presentation of Norwegian Property for 3. quarter 2018.

For further information, please contact:

Norwegian Property ASA
Bent Oustad, CEO
phone +47 48016082


Haavard Rønning, CFO
Telefon +47 400 200 19

Norwegian Property is a focused and fully integrated office property company with properties located in the Oslo area and Stavanger in Norway. The portfolio is characterized by central location and attractive premises 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.