Norwegian Property raises EUR 68m from private placement

Norwegian Property said it successfully completed a private placement of 45,326,000 shares with professional Norwegian and international investors after the close of the Oslo Stock Exchange on 10 March 2010. Gross proceeds from the placement amount to NOK 543.9 mln (EUR 67.7 mln).

The substantially oversubscribed placement was made at a price of NOK 12 per share, and the capital increase represents approximately 10% of the outstanding shares in the company. The proceeds will be used to strengthen the balance sheet and increase flexibility in the ongoing process to separate Norwegian Property into two companies, as announced on 23 February 2010.

The issue was managed by investment banks ABG Sundal Collier Norge ASA and Pareto Securities AS as joint lead managers and joint bookrunners.