Financing
Norwegian Property has established as part of its finance policy that the LTV level should be between 45-55%.
The company’s goal is to reduce refinancing risk through a diversified maturity profile.
Funding sources are split between bank loans, bilateral loans and listed bonds. As real estate is a capital-intensive business, it is essential for the company to maintain good relations with several large banks, active and stable in the Norwegian market.
The bond market has been the most important funding source to Norwegian Property for several years, and three new loans were issued in June 2024, amounting to NOK 1 395 million.
By the end of Q2-2024 the split was 26% bank loans, 40% bilateral loans, and 34% listed bonds. Of all outstanding loans approximately 10% are green bonds.
Scope assigned Norwegian Property ASA first-time issuer rating of BBB- with Stable Outlook based on Q1-2022 figures. Scope updated the rating on 3rd May 2024 to BBB- with negative outlook. Scope published its BBB rating of three new bonds in July 2024.
NPRO published its Green Bond Framework with the second opinion from Cicero in May 2021, and the company’s latest Green Bond report is available from the sustainability web page.
Sources of financing 2024-Q2
Maturity profile 2024-Q2
Below is a list of outstanding bonds:
Below is a list of outstanding listed bonds:
| ISIN nr | Name | Document (links) | Amount | Interest | Maturity | Mortgaged property |
|---|---|---|---|---|---|---|
| NO 0013270348 | New loan | Scope rating BBB | 420 mnok | FRN | 2024-2027 | Drammensveien 60 |
| NO 0013251801 | New loan | Scope rating BBB | 635 mnok | FRN | 2024-2029 | Fondbygget |
| NO 0013251827 | New loan | Scope rating BBB | 340 mnok | 5.50% | 2024-2029 | Fondbygget |
| Base prospectus 26.01.2022 | ||||||
| NO 0011086969 | NPRO 23 | Final Terms | 200 mnok | FRN | 2021-2026 | Terminalbygget |
| NO 0011091274 | NPRO 22 | Final Terms | 150 mnok | FRN | 2021-2026 | Kaibygning 1 |
| Supplement to base prospectus 21.06.2021 | ||||||
| NO 0010997919 | NPRO 21 ESG | Final Terms and Green Bond Framework | 650 mnok
129 mnok |
2.235% | 2021-2026 | Snarøyveien 36 |
| Base prospectus 15.01.2021 | ||||||
| NO 0010894785 and temporary NO 0011084642 |
NPRO 20 | Final Terms Final Terms 31.01.2022 |
500 mnok | FRN | 2020-2025 | Terminalbygget |
| NO 0010907231 | NPRO 19 | Final Terms Tap Issue Addendum 2021.08.27 |
850 mnok | FRN | 2020-2025 | Verkstedhallene |
| NO 0010871312 | NPRO 17 | Securities Note | 460 mnok | FRN | 2020-2024 | Lille Grensen 7 |
| NO 0010864952 | NPRO 16 | Securities Note | 505 mnok | 2.666% | 2019-2024 | Bryggegata 7-9 and Støperiet |
| Registration Document 2019.09.16 | ||||||
| NO 0010856826 | NPRO 15 | Securities Note | 300 mnok | FRN | 2019-2024 | Kaibygg 1 |
| NO 0010856818 and temporary NO0011084667 |
NPRO 14 | Securities Note Final Terms 31.01.2022 |
150 mnok | 3.05% | 2019-2026 | Kaibygg 1 |
| NO 0010799547 and temporary NO 0011087579 |
NPRO 09 | Securities Note Final Terms 31.01.2022 |
300 mnok | 2,93 % | 2017-2024 | Drammensveien 60 |
| Supplement to Registration Document 2017.06.26 | ||||||
| Registration Document 2017.01.03 |