Norwegian Property confirms record Q2 pre-tax profit

Oslo-based investor Norwegian Property reported that it made a pre-tax profit in the second quarter of NOK 1.14 bn (EUR 142 mln) while gross rental income totalled NOK 234.8 mln (EUR 29.4 mln). The total value of the company`s property portfolio at 30 June amounted to NOK 19.1 bn (EUR 2.4 bn). Return on equity came to 18% in the quarter, corresponding to 71.9% on an annualised basis.

Norwegian Property was established and listed on the Norwegian OTC-list in 2006 as an investor in large commercial properties in central locations in major Norwegian cities. Including last month's acquisition of DnB's head office at Aker Brygge , its portfolio consists of 59 properties with a total lettable area of over 762,000 m² and a total market value of nearly EUR 2.62 bn. Its long-term ambition is to become the largest and most liquid investment alternative for commercial properties in Norway.