DnB NOR Completes $304 Million Sale Leaseback of HQ in Oslo

DnB NOR Web Site - July 12, 2007

DnB NOR's headquarters premises at Aker Brygge in Oslo were today sold to Norwegian Property for NOK 1,740 million. The sale represent just over 31,700 square metres of commercial property at Aker Brygge. The sum includes lease agreements for the headquarters offices and shopping areas. This gives a yield of 4.45 percent the first year based on existing lease agreements.

ACN Newswire reports that DnB NOR Bank ASA constitutes 82% of rental income under a four year contract with right to extend at market conditions. The rest of the tenants are mainly shops and restaurants and have an average duration of 4.4 years. All leases are CPI adjusted annually.

Both Norwegian and international potential buyers have taken part in the process. After today's transaction DnB NOR will focus on the sale of the remaining bank buildings within the Group in Norway. Over 30 bank owned buildings are planned to be sold in autumn. Sphere: Related Content