NPRO Makes Hasle Acquisition
Norway Norwegian Property has entered into an agreement to purchase 'Vinslottet' (former facilities of “Vinmonopolet”) at Hasle in Oslo. Sellers are Profier AS and Hasle Utvikling AS which is owned by Höegh Eiendom AS,
Once the ongoing refurbishment is finalized, the property will consist of 8 810 sqm gross area with restaurants, service, wellness and shopping in the ground floor, and 47 underground parking lots. On top of the commercial areas there are 223 apartments under construction, of which the majority of the units are already sold.
NPRO will purchase all shares in Hasle Linje Bygg 01 AS, including 100% of the shares in Hasle Linje Bygg 01 Næring AS. The deal is structured as a forward transaction. The agreed purchase amount for the shares is MNOK 222. It is calculated based on an agreed value for the commercial areas after completion of MNOK 308.5, and sales price for the 223 apartments of approximately MNOK 1 230. Takeover is estimated to take place on 21 December 2018.
Construction of commercial areas is expected to be completed during Q4-2019, while the construction of the apartments will be finished in Q4-2019 and Q2-2020. The property is located centrally at Hasle, close to residential area, new offices and hotels, and in short distance from the subway.
CEO, Bent Oustad, comments: “The acquisition is in line with NPRO’s ambitions to apply the proceeds from the divestments in Stavanger to grow in our core areas. During several years at Aker Brygge, our company has built a high competence in running properties with a mix of retail, offices and apartments. We will exploit this knowledge further at Hasle. We also consider the whole Hasle area as interesting for investments, with many new office properties, hotels and residential buildings. Additionally, we particularly like this building, its infrastructure and architecture.”
Kristen Rikter-Svendsen from Profier AS comments: "Vinslottet at Hasle needs an owner with a long-term perspective and who understands how to run and develop historical buildings with a mix of apartments and commercial activities under the same roof. NPRO will hence be a perfect owner for the property while it is under development."