Norwegian municipal pensions provider KLP is selling a 40,000sqm plot of land in southeastern Norway for NOK490m (€52.4m) to a subsidiary of the Aker group, saying the construction work that would take place there was outside its core business.

KLP has agreed to sell the asset in Fornebu, an area in the municipality of Bærum near Oslo — Fornebu Sentrum II (Fornebu Centre II) — to Fornebuporten Holding.

KLP said Fornebu Centre II was a plot of land which, according to the new municipal plan for the area, is suitable for a future housing project.

Gunnar Gjørtz, chief executive of the fund’s property arm KLP Eiendom, said: “Fornebu Centre II will become a big housing project that will take a long time to complete.

“Since this falls outside our core business area, and the price was acceptable, we have chosen to sell the land.”

Fornebuporten Holding already owns office, retail and residential real estate in Fornebu, and is an indirect subsidiary of Aker, the Norwegian company controlled by businessman Kjell Inge Røkke.