NPRO: 3Q 2020 – A quarter with focus on acquisitions, equity issue and refinancing

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Operating revenues ended at NOK 177 million for the quarter. Profit before value change came to NOK 67.9 million.Net profit for the third quarter came to NOK 342 million after the positive fair-value adjustments for investment properties and interest-rate-derivatives. That meant third-quarter earnings per share (EPS) were NOK 0.64. Book value of equity per share at 30 September 2020 was NOK 15.88.

Activity in NPRO has been high throughout the third quarter. Veidekke Eiendom (now Nordr Eiendom) was taken over as planned in September. To finance the purchase, a private placement of NOK 1,100 million was made during August.

A bond loan of NOK 1,335 million with a mortgage in the Verkstedhallen at Aker Brygge was refinanced with credit lines in banks at the beginning of July. In October, NPRO issued a new NOK 500 million bond loan to refinance NPRO 12 with a mortgage on the Terminal building at Aker Brygge. This was the company's first transaction in the bond market since the covid-19 pandemic hit Norway. The transaction confirmed that the market is absolutely open to the company and that the margins in the bond market have come down significantly since the start of the corona crisis before the summer.

NPRO has entered into an agreement with Telenor Eiendom for the purchase of Snarøyveien 30 at Fornebu. This is a strategically important acquisition for NPRO, which entails an increased investment in Fornebu. This strengthens the company's position in an area that is under development. Following the transaction, the group will have three clear geographical focus areas: Oslo CBD, Nydalen and Fornebu. The purchase will be financed with a 10-year bilateral loan, as well as credit facilities in the bank and the company's cash holdings. The board is also authorized to issue up to 49.89 million new shares in the company.

Link to webcast (in Norwegian):

For further information, please contact:
Bent Oustad, CEO, mob: +47 4801 6082, e-mail:
Haavard Rønning, CFO, mob. +47 400 200 19, e-mail:

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

Norwegian Property is a focused and fully integrated office property company with properties located mainly in the Oslo area 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.