Norwegian Property has entered into an agreement for the sale of Okernveien 9 at Toyen, Oslo. The gross property value is NOK 215 mln (EUR 27 mln). The buyer DTZ Realkapital Corporate Finance will syndicate the property to a consortium of investors. Confirmed satisfactory financing is condition precedent to closing. The transaction is planned to be completed at the end of May 2008.
Norwegian Property has entered into an agreement for the sale of Okernveien 9 at Toyen, Oslo. The gross property value is NOK 215 mln (EUR 27 mln). The buyer DTZ Realkapital Corporate Finance will syndicate the property to a consortium of investors. Confirmed satisfactory financing is condition precedent to closing. The transaction is planned to be completed at the end of May 2008.
In a statement, Norwegian Property said the sale is in line with company strategy to actively develop the portfolio and dispose non-core properties. The real estate company added that the property value is in line with the current valuation and that the transaction will release approximately NOK 37 mln (EUR 4.7 mln) in positive cashflow.
