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Norwegian Property ASA Sells 100% of Shares in Oslo Properties AS


Monday, 16 Sep 2013 02:25am EDT 

Norwegian Property ASA (NPRO) announced that the Company has entered into an agreement with Petter A. Stordalen for the sale of 100% of the shares in Oslo Properties AS. Oslo Properties comprise inter alia the remaining NOK 400 million vendor note relating to the sale of Norgani Hotels AS in 2010. In the transaction the vendor note is valued at par with the addition of accrued interest at closing, and total purchase price is estimated at NOK 420 million. Closing of the transaction is expected to take place during October 2013. The proceeds from the sale will be reinvested in the Company's project portfolio. ABG Sundal Collier and the law firm Thommessen are acting as advisors for NPRO in connection with the transaction.