The letter of intent which was signed by the parties during summer 2012 has thus been confirmed as a binding agreement.

The existing property today consists of a total space exceeding 22 000 square meters, and the parties have agreed to expand the building by about 3 600 square meters. The building extension will be ready during summer 2014, and the lease term for the aggregate building mass has been extended to 2031.

For the existing building, rent level will be reduced by about ten per cent as from the former lease expiration in 2021. The agreement to expand the building mass has been entered into on the basis of a fixed price which is estimated to be just below NOK 90 million. Annual rent for the supplementary building is agreed at about NOK 7.6 million for a lease term of 17 years.

CEO Olav Line says in a comment:

“It is with great pleasure we confirm that Norwegian Property and Total E&P have reached an agreement for a long term solution which enables good utilization and a positive development of the property in Finnestadveien 44. Total E&P is already a key customer of Norwegian Property, and we are glad that we have managed to find a solution which satisfies their desire to grow and to have a long term presence in Stavanger with Norwegian Property.”

This information is subject of the disclosure requirements acc. to § 5-12.

For additional information, please contact:

Olav Line, CEO, tel. +47 482 54 149, ol@npro.no
Aili Klami, EVP Leasing & Marketing, tlf. +47 952 64 555, ak@npro.no
Elise Heidenreich-Andersen, SVP IR, tel. +47 951 41 147, eha@npro.no