Norwegian Property ASA has entered into an agreement to acquire an office section located in the Verkstedhallene building at Aker Brygge for NOK 28 million. The seller is a private investor and the section is let out on a long-term contract to Norwegian Property ASA. The transaction is expected to be closed in May 2011.

Aker Brygge is among the most attractive office, shopping and residential areas in Oslo and one of NPRO's main target areas. NPRO regards the transaction as attractive both in financial and operational terms. NPRO plans to rehabilitate the entire property in the future, thus the acquisition is regarded as strategic. NPRO is a majority owner in Verkstedhallene.

For more information, please contact:

Svein Hov Skjelle, CFO
930 55 566 | shs@npro.no 

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.