Based on an increase in the value of the group's office portfolio since the time of acquisition Norwegian Property is currently in co-operation with it's main banks restructuring the group's NOK 9.6 bn syndicated loan facility for the office portfolio.

 

The most important change is related to reductions in annual amortisations. Based on current property valuations the annual amortisations on the group's debt related to the office portfolio will be reduced from around 1.5% to 0.9% of the initial debt, corresponding to an annual reduction in amortisations of around NOK 80 mill.

 

The restructuring of the syndicated facility also includes an increase of the size to NOK 11.0 bn as the Revolving Credit Facility of NOK 1.4 which was established in July 2007 with a duration of 18 months, will now be included in the syndicated facility. The duration on this part of the debt consequently increases by 3.5 years to 4.5 years.

 

Other commercial terms relating to the facility are unchanged. Average margin on the group's debt related to the office portfolio remains unchanged at 57 basis points.

 

For further information, contact

Svein Hov Skjelle, CFO, mobile +47 9305 5566