The portfolio consists of seven attractive properties, of which three are in Nydalen (Oslo) and four at Lysaker (just outside Oslo):

 

*         Lysaker Torg 5

*         Lysaker Torg 15

*         Lysaker Torg 25

*         Professor Kohtsvei 5-17

*         Gullhaug Torg 4

*         Gullhaugveien 7

*         Nydalsveien 36/38

 

 

- The commercial property from Industrifinans is a good match with Storebrand Life Insurance's real estate strategy, and could give the policyholders a higher rate of return, says Espen Klitzing, CEO in Storebrand Life Insurance.

 

At year end approximately NOK 10 billion of the life company's policyholders assets were invested in real estate. This corresponded to a real estate exposure of 8.7 percent of the total portfolio. After the acquisition of real estate from Industrifinans Næringseiendom of NOK 1.9 billion, approximately 10 percent of the life company's total policyholders assets will be invested in real estate. The investment is financed through an equal reduction in the life company's money market portfolio.

 

DTZ Realkapital Eiendomsmegling AS has been Storebrand's advisor in the transaction.

 

The agreement is conditional to a satisfactory due diligence of the real estate portfolio and entering into a final purchasing contract. The due diligence shall be completed within five weeks.

 

Oslo, 27. April 2004

 

Contacts:

Per Mortensen, CEO Storebrand Real Estate,
Tel:+ 47 22 48 92 59 - Mob: + 47 92 83 80 70

Per Ivar Sandvik, Director of Communications Storebrand Life,
Tel: + 47 22 31 14 62 - Mob: + 47 93 40 31 83

Nils Robert Hodnesdal, Head of Investor Relations,
Tel: + 47 22 31 55 33 - Mob: +47 93 40 38 13