Norwegian Property is to issue NOK 2.1 bn (EUR 260 mln) worth of bonds on the Norwegian capital markets to refinance five of its properties, including two acquired as part of a NOK 2.1 bn acquisition in late 2006. The bond issuance is one element of an overall refinancing plan the company in the fourth quarter of 2006.
Norwegian Property is to issue NOK 2.1 bn (EUR 260 mln) worth of bonds on the Norwegian capital markets to refinance five of its properties, including two acquired as part of a NOK 2.1 bn acquisition in late 2006. The bond issuance is one element of an overall refinancing plan the company in the fourth quarter of 2006.
DnB Nor Markets, Fokus Markets, Nordea Markets and SEB Merchant Banking have been mandated as joint lead arrangers. The transaction consists of two parts and the expected payment date of the bonds is March 7, 2007.
Norwegian Property AS listed on the Norwegian OTC-list on November 15, 2006 as an investor in large commercial properties in central locations in the major cities of Norway. The company has invested NOK 17.2 bn to date in 55 properties located in Oslo, Stavanger and Bergen.
The single largest transaction was in December 2006 when Norwegian Property 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). The vendor was Rasmussengruppen, a family-led investment company in Norway focused on property, shipping and securities trading.
