Norwegian Property has entered into an agreement for the sale of Økernveien 9 at Tøyen, Oslo. The gross property value is NOK 215 million. The buyer is DTZ Realkapital Corporate Finance AS, which will syndicate the property to a consortium of investors. Confirmed satisfactory financing is condition precedent to closing. The sale is in line with Norwegian Property's strategy to actively develop the portfolio and dispose non-core properties. The property value is in line with the current valuation. The transaction will release approximately NOK 37 million in positive cashflow.

  

The transaction is planned to be completed at the end of May 2008.  

 

For further information, contact;                                                     

Dag Fladby, Chief Investment Officer +47 9089 1935