NPRO: Norwegian Property enters into ten-year lease with DNO at Aker Brygge
Norwegian Property has entered into a long-term lease agreement with DNO International ASA ("DNO") for office accommodation in Stranden 1 at Aker Brygge. The lease agreement has duration of ten years from expected takeover in the fourth quarter of 2014. The lease encompasses a total area of approximately 2 400 sqm. Annual rent amounts to NOK 4 250 per sqm and is regulated once a year in accordance with the increase in the consumer price index.
Norwegian Property plans an extensive reconstruction and modernization of the buildings at Aker Brygge. This process includes Stranden 1 (Terminalbygget), where DNO leases office premises from Norwegian Property today. During the rehabilitation phase the tenant will vacate its current location and rent temporary offices from Norwegian Property in Bryggegata 7 (Administrasjonsbygget). Annual lease for the temporary offices is NOK 3 600 per sqm.
CEO Olav Line says in a comment:
“We highly appreciate that DNO as a tenant wishes to be part of the new Aker Brygge. Stranden 1 and the rest of the Terminal building mark the main entrance to Aker Brygge, and are among Oslo’s most attractive office buildings. After the reconstruction the building will, among other factors, appear with a new and more distinct front, which will strengthen the architectonical qualities of the building and contribute positively to the urban landscape. The workplaces inside the building will be shaped with the latest requirements in mind regarding quantity of light, working environment, energy efficiency and environmental friendliness, and with forward-looking architecture and design.”
Norwegian Property has a declared goal of creating a revitalized Aker Brygge, with a holistic approach, featuring quality and a friendly, local atmosphere. Offices will have their own, clearly marked entrances located in dedicated business streets. Shops, restaurants and other service facilities customized for business life will be established in conjunction with the office entrances. The aim is to strengthen both the identity of the individual companies and Aker Brygge’s overall position as the most attractive city district and office area in Oslo.
This information is subject of the disclosure requirements acc. to § 5-12.
For additional information, please contact:
Aili Klami, EVP Leasing & Marketing, tel. +47 952 64 555, ak@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.