Business Services Industry
Norwegian Property ASA sells Oslo property to UBS Real Estate for NOK773m
Nordic Business Report, Sept 29, 2008
NORDIC BUSINESS REPORT-29 September 2008-Norwegian Property ASA sells Oslo property to UBS Real Estate for NOK773m(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com
Norwegian property investor Norwegian Property ASA (OSE:NPRO) said on Monday (29 September) that it has agreed to sell the Grev Wedels plass 9 property in Oslo, Norway, to a fund managed by UBS Real Estate Kapitalanlagegesellschaft.
The sales price is based on a property value of NOK773m, which exceeds the properties latest valuation by NOK23.7m. The deal will release approximately NOK120m in cash.
Norwegian Property said that it will use the profit to pay off interest bearing debt.
Norwegian Property, headquartered in Oslo, Norway, focuses on centrally located commercial properties, mainly in Oslo, Stavanger and Bergen. In addition to its own portfolio of over 50 office and retail properties in Norway, Norwegian Property controls a portfolio of 74 hotel and conference centre properties in Norway, Sweden, Finland and Denmark through Norgani Hotels. The combined portfolio has a book value of NOK31.5bn.
One British pound (GBP) is worth approximately 10.40 Norwegian kroner (NOK).
((Comments on this story may be sent to nbr.feedback@nordicbusinessreport.com))
- 5 Rules for Immediate Annuities
- Death in the Family: 12 Things to Do Now
- Dumbest Things You Do With Your Money
- 6 Online Networking Mistakes to Avoid
- 401(k) Mistakes to Avoid
- 5 Economic Scenarios to Keep You Up at Night
- The Real ‘Best Places to Retire’
- Best Credit Cards for You
- 12 Tough Questions to Ask Your Parents
- The Real ‘Best Colleges’
- Home Buyer Tax Credit: How to Cash In
- Why You Shouldn't Bash Cash
- 8 Phony 'Bargains' and Better Alternatives
- Danger: 3 Debit Card Scams to Avoid
- 6 Myths About Gas Mileage
- 29 Fees We Hate Most
- Quick and Easy Ways to Boost Returns
- Best Stocks to Buy Now
- Lower Your Taxes: 10 Moves to Make Now
- New Jobs: 8 Lessons from Real-Life Career Switchers
- The New Job Market: Who Wins and Who Loses?
- Health Care Reform's Public Option: Everything You Need to Know
- Volunteer Work When Unemployed: Should You Work for Free?
- Whose Recovery Is This?
- Long-Term-Care Insurance: 4 Biggest Risks to Avoid
Content provided in partnership with
Most Recent Business Articles
- Fox Networks Group and Bright House Networks Strike Comprehensive Deal to Distribute Fox Broadcast Stations, National Cable and Regional Sports Networks
- Fox Networks Group and Time Warner Cable Strike Comprehensive Deal to Distribute Fox Broadcast Stations, National Cable and Regional Sports Networks
- Houston Radio D.J. Kevin Kline Completes 500-Mile, 13-Day Ultramarathon Across Texas for Kids with Cancer
- Seaspan Corporation Provides Information on the CSCL Hamburg
- Dodecylamine improves nanocrystal synthesis
Most Recent Business Publications
Most Popular Business Articles
- 7 tips for effective listening: productive listening does not occur naturally. It requires hard work and practice - Back To Basics - effective listening is a crucial skill for internal auditors
- LIFO vs. FIFO: a return to the basics
- FAS 109: a primer for non-accountants - Financial Accounting Standards Board's "Statement 109: Accounting for Income Taxes"
- Using object-oriented analysis and design over traditional structured analysis and design
- Design a commission plan that drives sales - Sales Commissions
