(Oslo, 26 June 2006) Norwegian Property ASA (NOTC: NPRO) will acquire C. J. Hambros plass 2, known as the "Ibsen-block" in Oslo. The contract values the properties at about 1.2 billion NOK.
 
Norwegian Property ASA has entered into a contract for the acquisition of C. J. Hambros plass 2 (the "Ibsen-block"), for a price of about 1.2 billion NOK. The properties have a total area of 38.147 sqm, of which 84 percent is office space. The average duration of the lease contracts is 7.7 years.
 
Closing of this contract is conditioned upon final acceptance at the seller's general meeting, to be held in July.
 
Norwegian Property stated in a press release on 12 June that the company was negotiation purchase contracts for at total value of about 2 - 3 billion NOK. The "Ibsen-block" was one of these properties.
 
After closing of this contract, the company will have a portfolio of 31 properties, with a total area of about 410.000 sqm. In addition to this, the company expects to close transactions for two additional buildings in June / July, bringing the total portfolio up to 33 properties with a total area of about 450.000 sqm. The average duration of the lease contracts in the portfolio will be about 8 years, and the properties will - on average - have been acquired at an implicit net yield after tax of about 6 percent.
 
 
About Norwegian Property ASA
Norwegian Property ASA will offer investors a liquid investment alternative with exposure towards Norwegian commercial real-estate. The company will invest in larger, centrally located properties in the largest Norwegian cities. The long term target is to become the largest and most liquid investment alternative within Norwegian commercial real-estate. As of 26 June 2006 the company has invested more than NOK 10 billion, mainly in office properties, mainly in Oslo, Stavanger and Bergen. By the end of 2006 total investments should increase by an additional NOK 5 billion. Norwegian Property ASA is listed on the Norwegian OTC-list (NOTC), with the ticker-code NPRO, and is planning an IPO and listing on the Oslo Stock Exchange during the second half of 2006.
 
For further information: www.norwegianproperty.no
 
Contact:
Norwegian Property ASA, Mr. Knut Brundtland, Chairman, phone: +47 400 62 020