Norwegian Property has entered into an agreement for the sale of Forus properties Grenseveien 19 and 21, Maskinveien 32 and Svanholmen 2 to V20 Invest AS for MNOK 237 (EUR 24M).
Badehusgata 33-39 in the center of Stavanger is also sold, but NPRO will still own 50 percent in a joint venture with the buyers Camar Eiendom AS (35 percent) and Agera Eiendom AS (15 percent). The gross property value is agreed at MNOK 280 (EUR 29M).
The properties were valued at MNOK 513 (EUR 53M) at the end of the third quarter of 2018, which is the last completed external valuation, of which Badehusgata 33-39 amounted to MNOK 280 (EUR 29M). The transaction will be completed in mid-December 2018 in the form of sale of real estate companies.
The sale is in line with Norwegian Property's strategy to focus the company's capital on areas where we have synergies, our own crew and see other comparative advantages to our competitors. By carrying out these transactions, we will still have a good exposure to the Stavanger region through 2 different JVs with local partners, in Forusbeen together with Base Gruppen and now Badehusgata in Stavanger city center together with Camar Eiendom and Agera Eiendom.
Norwegian Property Divests in Stavanger
Norway — Norwegian Property (NPRO) sells the Forus properties to V20 Invest and 50 percent of the Badehusgata 33-39 to Camar Eiendom and Agera Eiendom.