Veidekke: Provisional agreement between Veidekke, OBOS and Norwegian Property regarding Middelthuns gate 17 in Oslo
(Thomson Reuters ONE) -
Provisional agreement between Veidekke, OBOS and Norwegian Property regarding
Middelthuns gate 17 in Oslo
Veidekke and OBOS has signed a provisional agreement with Norwegian Property to
purchase Middelthuns gate 17 in Oslo. The property is valued at 700 MNOK, which
is 44 MNOK (7%) above the current valuation. The buyer is Nye Hjem AS, a company
owned 50/50 by Veidekke Eiendom and OBOS.
The property is fully leased to Nordea Bank Norway ASA until 2016. As previously
announced, Norwegian Property has assessed the conversion of the property to
residential use as its greatest future potential.
The buyer has made the sale subject to the satisfactory completion of a due
diligence, and both the buyer and seller have made the transaction subject to
board approval, which includes agreement on a marketable and binding purchase
agreement. Agreement on all conditions between the buyer and seller, and the
signing of a binding contract are expected to take place at the end of January
2012.
The sale is in line with Norwegian Property's strategy of active portfolio
administration.
CEO Olav Line says in a comment: "The greatest potential for the Middelthuns
gate 17 property in the medium term lies within its conversion to residential
use. NPRO is not a residential development company, and the company's strategy
of focusing on rental, development, management and ownership of centrally
situated commercial properties (primarily office) within selected commercial
clusters, remains unchanged. We are very pleased with commercial terms in the
agreement, and we consider the buyer group to be very well suited to develop
Middelthuns gate 17 into a good residential project over time. "
"This is a unique development property in an established and very attractive
residential area, and one of a few upcoming major housing projects in Oslo
West," says Managing Director of Veidekke Eiendom, Arne Giske. "Happily, it also
means that we have once again found a joint opportunity with OBOS. Our
cooperative experience on the development of Sjølyststranda, and other smaller
projects, has shown that our joint expertise and experience contributes to the
development of attractive dwellings and provides positive synergies," adds
Giske.
"This is an exciting urban development project. The property has a very
attractive location in a central area of Oslo," said CEO Martin Mæland in OBOS.
For further information, please contact:
Olav Line, CEO, Norwegian Property ASA, telephone +47 482 54 149
Arne Giske, President and CEO Veidekke Eiendom AS, telephone +47 905 89 526
Jørgen Michelet, Director of Finance and Investor Relations contact for Veidekke
ASA, telephone +47 917 43 856
Martin Mæland, CEO, OBOS, telephone +47 907 91 079
www.norwegianproperty.no
www.npro.nowww.obos.no
www.obos.no
www.veidekke.no
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Veidekke ASA via Thomson Reuters ONE
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