(Oslo, 15 February 2008)
In 2007 Norwegian Property had a profit before tax of NOK 1,650.6 million, corresponding to return on equity of 55.1%. In the fourth quarter Norwegian Property ASA had revenues of NOK 450.2 million and a profit before tax of NOK 111.4 million. At the end of the quarter the market value of the group's properties was NOK 31.4 billion. Measured by property values Norwegian Property is the largest listed Nordic commercial property company.
 

Norwegian Property was established in 2006 and is aiming to give private and institutional investors access to a large, liquid , well diversified and
attractively priced investment alternative. The company is focusing on the market for centrally located commercial properties of high quality. The long term ambition is to become the largest and most liquid investment alternative on Nordic
commercial properties.
 
Highlights for the fourth quarter 2007:
 
- Gross rental income in the fourth quarter was NOK 450.2 million and profit before tax was NOK 111.4 million. Norgani Hotel AS is fully consolidated for the whole quarter.
 
- Book equity per share was NOK 63.20 at the end of the fourth quarter. Net assets value per share based on the EPRA-standard was NOK 70.84.
 
- Return on equity for for 2007 was 55.1%. For the fourth quarter isolated the return on equity was 6.5% (on annualised basis).
 
- The market for commercial properties continues to be strong, and total vacancy in the Oslo office market is currently at 5%. Rental price development has been particularly strong in CBD, but also areas like Skøyen and Nydalen see very positive rental developments. The Nordic hotel market is also strong, with increase in RevPAR in 2007 (Revenue Per Available Room) of between 7% and 13%.
 
- External valuations are now completed for all the hotels in Norgani. Total value of the hotel portfolio was NOK 10,700 million compared to NOK 9,034 million at the end of September. NOK 850 million of the increase is related to the 4 hotels acquired in October. The value of the office portfolio based on external valuations was NOK 20,781 million, which resulted in a positive fair value adjustment of NOK 93 million in the fourth quarter.
 
- In accordance with previously announced plans, Norwegian Property has now entered agreements to sell 5 non-core office properties with a total property value of NOK 1.1 bn. The previously announced process for sale of 20 non-core hotels with a total gross rental income of NOK  140.9 million is also proceeding according to plan.
 
- The board of directors will propose a dividend of NOK 2.50 per share for 2007.
 
`Both the Norwegian office market and the Nordic hotel market are impacted by strong demand growth, and supply that is growing at a slower pace. As a result the rents are increasing rapidly both in the office- and the hotel-markets. Norwegian Property is well positioned to benefit from these favourable market conditions,` says Petter Jansen, CEO.
 
The quarterly report for the fourth quarter 2007 is available on the company's web-page: www.norwegianproperty.no
 
For further information, please contact:
CEO, Petter Jansen, mobile +47 900 98 728
CFO, Svein Hov Skjelle, mobile +47 930 55 566