Norwegian Property ASA has entered into an agreement with Petter A. Stordalen for the sale of 100% of the shares in Oslo Properties AS. Oslo Properties comprise inter alia the remaining NOK 400 million vendor note relating to the sale of Norgani Hotels AS in 2010. In the transaction the vendor note is valued at par with the addition of accrued interest at closing, and total purchase price is estimated at NOK 420 million. Closing of the transaction is expected to take place during October 2013. 

Olav Line, CEO of NPRO comments: “With the sale of Oslo Properties Norwegian Property will receive the remaining proceeds from the Norgani transaction in 2010. The proceeds from the sale will be reinvested in our exciting project portfolio.” 

ABG Sundal Collier and the law firm Thommessen are acting as advisors for NPRO in connection with the transaction.

For further information, please contact:

Norwegian Property ASA

CFO Svein Hov Skjelle, +47 93 05 55 66