Norwegian Property has entered an agreement for the sale of Mauritz Kartevoldsplass 1 in Sandnes for NOK 50.5 million. The buyer is Ryger Eiendom AS. The sale is in line with Norwegian Property's strategy to actively develop the portfolio and dispose of non core properties. In the Stavanger-region Norwegian Property will continue to have main focus on Stavanger CBD and Forus.

 

The sales price will give a marginal gain. NOK 7 million in positive cash flow will be released after the repayment of debt relating to the property.

 

The transaction will be completed on  February 1st 2008.

 

 

For further information, contact,

Norwegian Property, Mona Ingebrigtsen, Senior Vice President acquistions/sale/development, mobile +47 90 55 11 04

Norwegian Property, Svein Hov Skjelle, CFO, mobile +47 93 05 55 66