According to the LOI, Entra will sell its Trondheim portfolio containing 13 office properties totaling 187,268 sqm for approximately NOK 6.45 billion (app. EUR 570 million), which is 3 percent below book values as of Q3 2023 adjusted for land lease obligations recognized in the balance sheet. The proceeds will be used to strengthen Entra’s balance sheet.

In addition, Entra has agreed to sell the ongoing development project in Holtermanns veg 1-13 (phase 3) to E C Dahls Eiendom after completion. The project totals 15,500 sqm and is expected to be finalised in Q4 2025.

"Over the past 10 years Entra has completed many large projects in Trondheim, and the portfolio is almost fully developed. We will now focus our efforts and capital on our property clusters in and around Oslo and Bergen and the significant opportunities in these locations. The Transaction will improve Entra’s debt metrics, and we will continue to manage our balance sheet prudently. We truly believe that our tenants and employees in Trondheim will be taken very well care of by E C Dahls Eiendom,” says Sonja Horn, CEO in Entra. 

The transaction is subject to customary due diligence and clearance from the Norwegian Competition Authority. The conditions are expected to be lifted and a binding agreement signed by March 22, 2024. The Transaction is expected to close during Q2 2024. Sale of the development project in Holtermanns veg 1-3 (phase 3) is expected to close in 2026.