Norwegian Property has extended the existing lease contract with Nordea at Middelthunsgate 17 until 31 January 2016. The new lease contract which is valid from 27 January 2014 encompasses an office area of 26 847 sqm, a storage area of 3 472 sqm and indoor parking space for 214 cars. The gross rent increases by 33.3 per cent compared to the 2010-rent, and the new yearly total will be NOK 61.8 million from 27 January 2014. The rent is 100 per cent CPI-adjusted yearly using the CPI index as of October 2010. The extension is agreed upon "as-is" terms, i.e. no investment obligations for the lessor.

 "Nordea has evaluated different locations for its new Norwegian head office. Norwegian Property has offered a modernized and efficient new head office at the current location Middelthunsgate 17. The project meets new environmental standards and encompasses space for 50% more employees than the current building. However Nordea has chosen to relocate to a new head office to be built in Oslo. The current lease contract will be extended for two years on attractive terms. With a remaining duration on the current lease contract of more than five years, we have extensive time to consider future use of the property, including alternative use," says CEO Olav Line.

For further information, contact:

Olav Line, CEO, phone +47 48 25 41 49

Aili Klami, Director Leasing and Marketing, phone +47 95 26 45 55