Norwegian Property buys 13 properties

Norwegian Property has signed the final agreement to acquire a portfolio of 11 office properties in Nydalen district of Oslo and two office properties at Okern for NOK 2.19 bn (EUR 268 mln) from Rasmussengruppen, a family-led investment company in Norway focused on property, shipping and securities trading.

The property portfolio consists of approximately 116,200 m² of mainly office premises. The estimated gross rental income for 2007 is approximately NOK 135.2 mln and the tenants include Get (former UPC), NetCom, TDC Song and the Norwegian State Educational Loan Fund (Statens Lånekasse). The four largest tenants account for approximately 55% of the portfolio's total rental income.

Norwegian Property said there is a 2.5% vacancy in this property portfolio and the properties were purchased at a net yield of 5.8%.

Following the acquisition, Norwegian Property is the 2nd largest property owner in the Nydalen area. The transaction will be completed in January 2007. The company's shares began trading on the Norwegian OTC-list on November 15, 2006.