Letter of intent

Norwegian Property ASA has signed a letter of intent with Rasmussen-Gruppen and started exclusive negotiations over the acquisition of 13 properties in Oslo.

Eleven of these are located in the Nydalen area and two in the Økern district, which both lie north of the city centre. The sites cover about 123 000 square metres in all.

The letter of intent contains the usual reservations on technical, financial and legal due diligence. These must be overcome by 11 December at the latest.
Plans call for a final purchase contract to be concluded on 18 December, with transfer and settlement taking place in early 2007.

The two sides have agreed not to make any details of the transaction public until a final contract has been signed.
Norwegian Property regards the transaction as attractive for the company in both operational and financial terms.
Further information from:
Petter Jansen, president and CEO, Norwegian Property ASA, tel: +47 90 09 87 28
Dag Fladby, chief investment officer, Norwegian Property ASA, tel: +47 90 89 19 35