NPRO: Norwegian Property acquires plot at Skøyen
Norwegian Property ASA (”NPRO”) has entered into an agreement to buy a plot located in Drammensveien 149 at Skøyen in Oslo for NOK 101.5 million. The seller is Esso Norge AS.
The plot is part of a joint property with Norwegian Property’s existing office building in Drammensveien 149, and has until now been utilized as petrol station. After the transaction, Norwegian Property controls the entire joint property, which in total amounts to 9 007 square meters. With positive synergy effects from the existing property, Norwegian Property anticipates to build an office building of about 10 000 to 12 000 square meters at the acquired plot after zoning permit is granted.
The transaction is expected to be closed around new-year 2011/2012, but is conditional upon final approval from the Board of Directors of Esso. Esso Norge AS will perform the cleanup of technical equipment from the petrol station. In addition, remaining environmental cleanup costs will be deducted based on a mutual environmental study.
CEO Olav Line says in a comment:
”This plot has one of the best office locations at Skøyen, with direct junction to the ring road 2 and walking distance of 100 meters to the bus, taxi and railway station where both the airport express train, local trains and long-distance trains stops. Our ambition is to build a modern and attractive office building in one of the most attractive office areas in Oslo.”
Attached to the stock exchange release follows a sketch map over Norwegian Property’s property portfolio at Skøyen in Oslo.
This information is subject of the disclosure requirements according to §5-12 of the Norwegian Securities Trading Act (’Verdipapirhandelloven’).
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
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.