NPRO: 4Q 2018 – Acquisitions in Oslo and divestments in Stavanger
NPRO has during fourth quarter 2018 finalized several acquisitions of properties in Oslo:
- “Vinslottet” in Hasle, Oslo, is a development project with the combination of 8 810 sqm of commercial space for restaurants, services and retail and 47 parking spaces, planned to open in Q4-2019, as well as 223 residential units which are due for completion between fourth quarter 2019 and second quarter 2020. Purchase price was NOK 222 million.
- Several commercial units totalling about 2 100 sqm in Stranden at Aker Brygge with a combination of retail, service, office and parking with gross property value of NOK 170.1 million.
The disposal of properties in Stavanger was finalized during Q4-2018. Four properties at Forus were sold for a total asset value of NOK 237 million. In addition, a JV with local partners in Stavanger was created by divesting 50 % of Badehusgata 33-39, based on a gross asset value of NOK 280 million. The remaining properties in Stavanger are 50% of Badehusgata 33-39 and Forusbeen 35.
Pre-tax profit came to NOK 183.4 million (NOK 376.5 million). After a reduction of NOK 54.9 million in the provision for deferred tax, net profit for the period came to NOK 238.3 million. That yielded ordinary earnings per share (EPS) of NOK 0.43 for the fourth quarter. Carried equity per share came to NOK 14.59 at 31 December 2018, up from NOK 14.22 at 30 September.
The board of directors has approved a dividend of NOK 0.07 per share for the fourth quarter 2018, to be distributed to registered shareholders as of 27 February 2019 (the ex. date is 11 February 2019). The company has a goal of distributing a dividend between 30 and 50 per cent of ordinary result after tax payable, before fair value changes, i.e. the dividend basis. The dividend of NOK 0.07 per share for the fourth quarter amounts to 45.1 per cent of the dividend basis. For the previous quarters in 2018, a total of NOK 0.21 per share has been paid as dividend. The total dividend for all quarters in 2018 sums up to NOK 0.28 per share, which constitutes 44.5 per cent of the dividend basis.
Webcast link (in Norwegian): http://webtv.hegnar.no/presentation.php?webcastId=97602018
For further information, please contact:
Bent Oustad, CEO
Telephone: +47 48 01 60 82
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 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.