Norwegian Property has agreed with NAV (the Norwegian Labour and Welfare organisation) to extend the existing lease contract in Ibsenkvartalet (C.J.Hambros plass 2) for 5 years from 1 October 2011.

 

The lease contract comprises approximately 9 200 square meters. The extended lease contract implies a rental uplift of approximately 14 per cent.

 

The extension is agreed based upon "as-is" terms, i.e. no investment obligations for the lessor.

 

Director leasing and market Market Aili Klami says in a comment:

 

"NAV's space in Ibsenkvartalet comprise approximately 20 per cent rental space up for renewal in 2011. We secure a public tenant for five years on better terms. The new contract confirms that the Oslo rental market is improving."

 

For further information, please contact:

 

Norwegian Property ASA

 

Olav Line, CEO

Tel. +47 48 25 41 49

 

Aili Klami, director leasing and market

Tel. +47 95 26 45 55

 

 

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)