Norwegian Property ASA communicated at the 1 quarter 2010 financial results presentation that the company considered a possible sale of the property 'Aker Hus' at Fornebu, and that the company was going to mandate an exclusive advisor to lead the process. Pangea Property Partners was chosen as the exclusive advisor, and has conducted a good and structured sales process towards a limited number of potential Norwegian and international investors.

There has been strong interest in the property, despite significantly increased volatility and turbulence in the markets over the past weeks. The company has not received any bids. The property 'Aker Hus' would have been a significant investment for most potential buyers, and many interested investors have faced challenges in raising sufficient equity and/or debt capital within the given time frame. Norwegian Property does not by any means have to sell the property 'Aker Hus', and the potential transaction has therefore in cooperation with the advisor been withdrawn from the market.

The company will possibly consider to sell the property 'Aker Hus' at a later stage, if both the  timing and the price are considered to be right. As earlier communicated, Norwegian Property will continue to develop the company to become a fully integrated office real estate company, by exploring all value drivers within the value chain of property companies. Selling properties will continue an to be an important tool in order to be able to reallocate capital to other properties and projects where higher risk-adjusted returns for the company's shareholders could more effectively be achieved.

 

 

For further information, please contact:

Olav Line, CEO, telephone +47 48 25 41 49

Svein Hov Skjelle, CFO, telephone +47 93 05 55 66

www.norwegianproperty.no

www.npro.no

 

 

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)