The owners of C. J. Hambros plass 2 have in their extraordinary general meeting approved the sale to Norwegian Property ASA (NOTC: NPRO).
 
The acquisition price is 1.18 billion NOK, implying a yield of 5.1 percent after tax. The average duration of the lease contracts is 7.7 years. The property has a total area of about 38.000 sqm and an assumed attractive potential for further development.
 
- This is one of Oslo's most attractive office-properties. The leases from this property will over the next years align with market prices. The property has an additional probable development-potential. This will contribute to a good increase in income from this property in the coming years, says Mr. Knut Brundtland, chairman of the board.
 
Norwegian Property ASA now has a portfolio of 31 properties, with a total area of about 410.000 sqm. In addition to this the company has signed letters of intent for acquisition of two properties. The average duration of the lease contracts in the portfolio is about 8 years, and the properties are - on average -acquired at an implicit net yield after tax of about 6 percent.
 
 
About Norwegian Property ASA
Norwegian Property ASA will offer investors a liquid investment alternative with exposure towards Norwegian commercial real-estate. The company will invest in larger, centrally located properties in the largest Norwegian cities. The long term target is to become the largest and most liquid investment alternative within Norwegian commercial real-estate. Norwegian Property ASA is listed on the Norwegian OTC-list (NOTC), with the ticker-code NPRO, and is planning an IPO and listing on the Oslo Stock Exchange during the second half of 2006.
 
For further information: www.norwegianproperty.no
 
Contact:
Norwegian Property ASA, Mr. Knut Brundtland, Chairman, phone: +47 400 62 020