NPRO: Norwegian Property enters new lease agreements

Norwegian Property has entered into an agreement with the Norwegian Parliament’s administration (“Stortingets administrasjon”) to rent in excess of 2 600 square meters in Stortingsgaten 6 in Oslo. Together with the recently announced lease contract with Aon Norway AS, the lease with the Parliament secures full utilization of office space in the building after the existing tenant Fokus Bank relocates to Aker Brygge in 2014. The lease has duration of six years from takeover, and agreed rent per square meter equals rent levels recently achieved for the property.

In Drammensveien 134 (building 5), the remaining office space has been let after Atea’s lease expires in the second half of 2012. A new five year lease has been entered into with Sevan Marine ASA to rent the remaining 1 100 square meters of office space with takeover in the fourth quarter 2012. Achieved rent is at market level.

In Maridalsveien 323 in Nydalen, a new lease has been entered into with Boots Norge AS to rent in excess of 1 400 square meters. The let area is to be taken over by the new tenant in the fourth quarter of 2012 and equals about one third of the vacant office space in the building. The lease contract, which has four year duration, is entered on market terms.

At Lysaker torg 35 in Lysaker, Norwegian Property has entered into an agreement with L’Oréal Norge AS to rent in excess of 2 000 square meters of the building. The existing tenant at Lysaker torg is the insurance provider If Skadeforsikring AS, who will vacate the property during spring 2013, and the agreement with L’Oréal is the first new contract signed for this property. The lease contract has duration of five years and has a rent level which reflects the attractiveness and location of the building.

CEO Olav Line says in a comment:

“Norwegian Property has succeeded in entering several new lease agreements with solid tenants at attractive terms, both in the CBD area of Oslo, in Nydalen, Skøyen and at Lysaker. This is a confirmation that market demand is good for centrally located office properties with high standard. It is particularly rewarding to see a more positive trend in Nydalen, which has been a challenging rental market at times.

The efforts to secure new leases which highlight the value potential of the portfolio remain a key priority area going forward.”

This information is subject of the disclosure requirements acc. to § 5-12.

For additional information, please contact:

Olav Line, CEO, tel. +47 482 54 149, ol@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 42 properties located in the Oslo area and Stavanger in Norway. The portfolio, which has a total fair value of NOK 14.5 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.

www.npro.no