Norwegian Property has entered into an agreement to dispose of a non-core asset days after the Oslo-based real estate company called off negotiations with a consortium about the sale of the EUR 1.4bn Norgani hotel group.
Norwegian Property has entered into an agreement to dispose of a non-core asset days after the Oslo-based real estate company called off negotiations with a consortium about the sale of the EUR 1.4bn Norgani hotel group.
On Friday Norwegian Property announced that HNW Eiendom, a company formed by three other investors, is acquiring Elvegaten 25 in Sandnes for NOK 59mln (EUR 7.4mln). Norwegian Property said the sale was in line with its strategy to actively develop the portfolio and dispose non-core properties. The transaction will be completed on 30 June 2008.
The Norgani hotel deal was abandoned after the bidders failed to make an offer before the exclusivity period ran out in mid-May.
