Entra has entered into an agreement with Samhällsbyggnadsbolaget i Norden AB (publ) regarding sale of Entra's property portfolio in Kristiansand. The Kristiansand portfolio comprise seven properties totaling approximately 45,000 sqm. Total transaction value is NOK 863 million, which represent a premium of 23 % to comparable book values as of 30.09.2016. The transaction value includes full valuation of the new school building under construction in Kongsgård Allé 20 which will be finalised by Entra prior to closing.
Samhällsbyggnadsbolaget i Norden AB (publ) is a Swedish property company in the process of being listed on Nasdaq First North. The transaction is subject to the buyer obtaining satisfactory debt financing. Closing and settlement is expected to take place around 31 March 2017 for all properties except the 2,250 sqm new school building under construction in Kongsgård Allé 20 where closing will take place when the new build is completed, estimated to be in June 2018.
The transaction is structured as a sale of four property companies owning the following properties: Tordenskioldsgate 65, Tordenskioldsgate 67, St. Hansgate 1, Lømslandsvei 24, Lømslandsvei 6, Kongsgård Allé 20 and Vestre Strandgate 21.
The divestment of the Kristiansand portfolio is in accordance with Entra's strategy to focus the portfolio on centrally located office buildings in the four largest cities in Norway. After divesting the Kristiansand portfolio, the process of divesting geographical non-core properties is completed, and all of Entra's properties are located in or around Oslo, Bergen, Trondheim and Stavanger.
For further queries, please contact: Arve Regland, CEO. Tel: +47 479 07 700. Email: ar@entra.no
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.