Norwegian Property has acquired four office and retail properties at Oslo's Aker Brygge area from DnB NOR Bank for NOK 1.74 bn (EUR 220 mln). The fully-let properties consist of about 31,736 m[sup]2[/sup] of office, retail and restaurant premises. The net rental income is about NOK 77 mln per annum. The properties include the DnB NOR Bank's headquarters, which is being leased back to the bank on a four-year contract with the right to extend it at market conditions.

Norwegian Property has acquired four office and retail properties at Oslo's Aker Brygge area from DnB NOR Bank for NOK 1.74 bn (EUR 220 mln). The fully-let properties consist of about 31,736 m2 of office, retail and restaurant premises. The net rental income is about NOK 77 mln per annum. The properties include the DnB NOR Bank's headquarters, which is being leased back to the bank on a four-year contract with the right to extend it at market conditions.

The transaction reflects a net initial yield of about 4.5%. The yield after re-negotiation of the rental contracts is expected to rise to 5.8%. 'Current contract rent is around NOK 2,700 per m2 and market reports project it will rise to around NOK 5,000 within few years. Properties at Aker Brygge are considered to be some of the most attractive in whole country and we are glad to get a large and solid tenant like DnB NOR in our portfolio,' ceo Petter Jansen said. The transaction will be completed in the third quarter of 2007.