NPRO - Agreement on sale of Stavanger property

Badehusgata 33-39 Holding AS, owner of the property Badehusgata 33-39 in Stavanger, was sold today to a SPV established by Malling & Co Project Finance AS. NPRO owned 50% of the company together with Camar Eiendom (35%) and Agera Eiendomspartner (15%). Gross property value was agreed at NOK 430 million.

CEO, Bent Oustad, comments: “The sale is in line with Norwegian Property’s strategy to focus the company's capital to areas where we have synergies, our own crew on the ground or see other comparative advantages to our competitors. By carrying out this transaction, we continue to streamline the company in line with what we have communicated to our owners. Our remaining exposure to the Stavanger region will be through a JV at Forusbeen with the local partner, the Base Group”.

Key figures for the property per 30 September 2019 are available in the quarterly presentation of Norwegian Property for 3rd quarter 2019. The book value on 30 September was NOK 305.7 million.  In Q4, capex related to refurbishment before start of new leases have been undertaken in the property. The transaction will be completed in December 2019 in the form of sale of the holding company.

For further information, please contact:

Norwegian Property ASA
Bent Oustad, CEO
phone +47 48016082
E-mail: 
bo@npro.no 

or

Haavard Rønning, CFO
Telefon +47 400 200 19
E-mail: 
hr@npro.no

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.

www.npro.no

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