NPRO: Acquires office section and enters into long-term leases at Aker Brygge
Norwegian Property has entered into an agreement to extend the letting area and to lengthen the lease by 15 years for the restaurants Druen, Åpenbar and Olivia Pizzeria at Aker Brygge. In addition, Norwegian Property acquires a minor office section located in Verkstedhallene at Aker Brygge.
The tenants are subsidiaries of Drueklasen AS. The lease agreements comprise about 2 000 square meters and will run for 15 years from lease start, with the right to renew the contract for another ten years at market terms. Norwegian Property plans an extensive reconstruction and modernisation of the buildings at Aker Brygge. This process includes Stranden 3 (Verkstedhallene), where Olivia is located, and Stranden 1 (Terminalbygget), where Druen and Åpenbar are located today. The parties estimate that the takeover date for the rebuilt premises will take place during the second quarter 2013 for Olivia and during the fourth quarter 2014 for Druen and Åpenbar.
CEO Olav Line says in a comment:
“Norwegian Property has a declared goal of creating a revitalised Aker Brygge, with a holistic approach, featuring quality and a friendly, local atmosphere. The restaurants Druen, Åpenbar and Olivia Pizzeria have already for some considerable time contributed positively to the good atmosphere at Aker Brygge, and we are very pleased to have them on board in a long-term effort of shaping the future Aker Brygge.”
In addition, Norwegian Property has entered into an agreement with Piperviken AS to acquire a minor office section located in Stranden 3 (Verkstedhallene) to a price of NOK 21 million. Piperviken AS is associated with Drueklasen AS by shared ownership.
This information is subject of the disclosure requirements acc. to § 5-12.
For additional information, please contact:
Svein Hov Skjelle, EVP & CFO, tel +47 930 55 566, shs@npro.no
Elise Heidenreich-Andersen, SVP IR, tel. +47 951 41 147, eha@npro.no
Aili Klami, EVP Leasing & Marketing, tel. + 47 952 64 555, ak@npro.no
Norwegian Property is a focused and fully integrated office property company with 47 properties located in the Oslo area and Stavanger in Norway. The portfolio, which has a total fair value of NOK 15.6 billion, is characterized by central location and attractive premises with low vacancy and 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.