Norwegian Property has entered into an agreement for the sale of Nedre Holmegate 30-34 in Stavanger. The property value is NOK 75 million. The buyer is Hillco Invest AS, a wholly-owned subsidiary of Køhlergruppen AS. The sale is in line with Norwegian Property's strategy to actively develop the portfolio and dispose non-core properties. The property value is approximately NOK 4 million (5%) above current valuation. The transaction will release approximately NOK 21 million in cashflow.

  

The transaction will be completed on 30 May 2008.   

 

For further information, contact;                                                     

Sigmund Sletvold, Vice President investment/sales, +47 977 43 143