Scandinavian Property Development has entered into a contract to sell two development projects, Fornebu Senter and Arena Handel, near Oslo to Kommunal Landspensjonskasse (KLP). The transaction, which is subject to approval by both boards, is valued at NOK 275 mln (almost EUR 31 mln) with additional earn-out potential of NOK 25 mln (EUR 2.8 mln)
Scandinavian Property Development has entered into a contract to sell two development projects, Fornebu Senter and Arena Handel, near Oslo to Kommunal Landspensjonskasse (KLP). The transaction, which is subject to approval by both boards, is valued at NOK 275 mln (almost EUR 31 mln) with additional earn-out potential of NOK 25 mln (EUR 2.8 mln)
SPD said the implied value per square metre is about NOK 8,300 (EUR 927). Closing is expected to take place in the beginning of May. Kommunal Landspensjonskasse is one of the largest insurance companies in Norway.
Fornebu Senter consists of 33,500 m2 development potential of which about 22,800 m2 shopping centre space, 9,200 m2 for residential, 1,500 m2 office and 900 parking spaces. The development plan for the project is currently in process with Bærum Municipality, with approval expected during the first half of 2009.
Arena Handel AS consists of approximately 2,600 m2 big box retail premises in the new soccer stadium, Telenor Arena, at Fornebu.
SEB Enskilda acted as the financial advisor to SPD in connection with the transaction.
