Scandinavian Property Development (SPDE), which listed on the Oslo stock exchange last week, has announced that it has decided to withdraw from ongoing negotiations about the acquisition of the Sørenga container terminal in Oslo harbour. The negotiations had been held with Hav Eiendom, a company owned by the Oslo Port Authority, that is managing the major redevelopment of the harbour area.
Scandinavian Property Development (SPDE), which listed on the Oslo stock exchange last week, has announced that it has decided to withdraw from ongoing negotiations about the acquisition of the Sørenga container terminal in Oslo harbour. The negotiations had been held with Hav Eiendom, a company owned by the Oslo Port Authority, that is managing the major redevelopment of the harbour area.
SPDE said that it considered the risk in the project to be too high. In a statement, SPDE said that Hav Eiendom has required the developer to carry all risk in connection with costs related to any possible archaeological findings and pollution, and that the share of reduced price rental apartments planned for the site that they would be required to take on has increased from 5% to 10%. SPDE is managed by international asset management firm Aberdeen Property Investors.