Norwegian Property and DnBNOR have agreed to extend the existing lease contract at Aker Brygge until 31.3.2013. The new contract which is valid from 28.9.2011 encompass an office area of 23.015 sqm and a storage area of 2.428 sqm, where the agreed rental price is 3.300 NOK/sqm for office and 1.600 NOK/sqm for storage. The rent is 100% CPI adjusted yearly using the CPI index as of 15.6.2009. The extension is agreed based upon "as-is" terms, i.e. no investment obligations for the lessor. The extension implies a yearly rent increase of about MNOK 10.1 (14,5%) measured by using 2009 figures, to a new yearly total of MNOK 79.8.

 

"It is well known that DnBNOR is moving from Aker Brygge to their new headquarters in Bjørvika when their new headquarters are completed in a few years' time. When entering into this agreement, we wanted to offer our tenant DnBNOR an extension at an attractive level, where we in return get an even more predictable cash flow for our total office portfolio through a contract with a very solid tenant. Norwegian Property's office portfolio has currently a very low vacancy level (less than 1%), but the number of contracts for re-negotiation is expected to increase somewhat towards 2011/2012. We put off a considerable part of this total area to 2013 through this agreement," says CEO Petter Jansen.

 

 

For more information, please contact:

Petter Jansen, tel. +47 90 09 87 28

Aili Klami, COO, tel. +47 95 26 45 55