NPRO: Takeover of Snarøyveien 30 AS has been completed

Reference is made to the notification sent on 20 October 2020 regarding the purchase of Snarøyveien 30 at Fornebu from Telenor Real Estate AS. The acquisition has been completed today, and Norwegian Property has taken over all the shares in Snarøyveien 30 AS from Telenor Real Estate AS.

Gross property value was agreed at NOK 5,450 million. The acquisition is financed with a combination of a 10-year bilateral loan with a mortgage on the property (65% of gross property value), a bond loan with a mortgage on the group's properties at Aker Brygge issued during the quarter and new equity of NOK 557 million issued during the quarter.

The building has several solid tenants with long leases. Run rate as of 1 January 2021 is estimated at NOK 335 million.

This is a strategically important acquisition for NPRO, which entails an increased investment in Fornebu. This strengthens the company's position in an area that is under development. Following the transaction, the group will have three clear geographical focus areas: Oslo CBD, Nydalen and Fornebu.

For further information, please contact:

Bent Oustad, CEO, tel: +47 4801 6082, e-mail: bo@npro.no

Haavard Rønning, CFO, tel. +47 400 200 19, e-mail: hr@npro.no

This information is subject of the disclosure requirements acc. To section 5-12 of the Securities Trading Act

Norwegian Property is a focused and fully integrated office property company with properties located mainly in the Oslo area 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.

www.npro.no