Norwegian Property ASA, an office property company with a focus on assets in the Oslo area of Norway, has stated it is contemplating a NOK bond issuance.
Norwegian Property, rated BBB- (negative outlook) by Scope, has mandated SpareBank 1 Markets for the potential issuance of a NOK denominated senior secured bond with floating or fixed rate coupon, subject to market conditions.
The targeted tenor, according to the firm, is between three and five years. Swedbank, which is one of NPRO's relationship banks, is acting as advisor in the transaction.
The contemplated bond issue will be secured with a first priority pledge in Drammensveien 60, at Skillebekk in Oslo.
Norwegian Property's portfolio is characterised by central location and attractive premises with high quality tenants, according to the firm.
The group’s properties consist largely of office premises, associated warehousing and car parking, as well as retail and catering space. The company has identified four value drivers for long-term value creation, namely: marketing & letting, property management, property development and transactions & finance.
