On 21 October 2010 Norwegian Property announced that its subsidiary, Oslo Properties AS, had executed an unconditional sales and purchase agreement for the sale of its wholly owned subsidiary Norgani Hotels AS. The buyer is Sech Holding AB, a company under joint ownership and control by Pandox AB and Heches Holding AB, which is controlled by Eiendomsspar AS and the Sundt family.

Closing has now taken place, and thus the transaction is now finally completed.

For further information, please contact:
Norwegian Property ASA
CEO Olav Line +47 48 25 41 49 or
CFO Svein Hov Skjelle +47 93 05 55 66