Reference is made to the press release dated 28 March 2007 regarding the private placement in
Norwegian Property ASA (the `Company`).
 
The private placement has been completed and the Company`s board of directors have today approved the sale of 6,968,641 million shares at a subscription price of NOK  71.75 per share, raising gross proceeds of approx. NOK 500 mill. The new shares will be issued according to the board proxy established at the extraordinary general meeting on 4 October 2006, each at a par value of NOK 25, representing approximately 7 % of the existing registered share capital.
 
The purpose of the new issue is to fund further property acquisition. The property markets in Norway and flow of transactions have remained very active and robust in 2007. The company is currently evaluating a number of potential acquisitions, of which a large part will be concluded within 2Q07. Currently, the company is close to fully invested and the equity collected in 2006 is fully utilized. The issue proceeds will therefore be directed towards specific property acquisitions currently under evaluation.
 
A. Wilhelmsen group, Fram Management and Opplysningsvesenets Fond, all three shareholders represented on the board of directors in the Company, have subscribed for shares in the private placement.
 
Shares offered in the private placement will comprise of already listed shares made available
to the Managers by existing shareholders based on a Stock Lending Agreement between the Managers and A. Wilhelmsen Capital (the `Lender`). All shares offered in the private placement are tradable immediately after allocation to the investors.
 
The private placement was managed by SEB Enskilda ASA and Pareto Securities ASA.
 
For further information, please contact:
 
CEO Petter Jansen, mobile + 47 900 98 728
CFO Svein Hov Skjelle, mobile + 47 930 55 566
 
Norwegian Property, established in 2006, is one of the largest Norwegian property investment companies 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.
 
The first properties were acquired in June 2006. From June 2006 to January 2007 Norwegian Property has invested NOK 17,2 billion in 55 properties in Oslo, Stavanger and Bergen  - the tenants include Norway's most solid and attractive companies. The total portfolio size is 723,000 sqm generating gross rents of some NOK 1,064 mill. Norwegian Property ASA was listed on Oslo Børs on 15 November 2006. The company's  market cap is around NOK 7.6 bn (incl. new issue). Some 60% of the company's shares are held by foreign institutions. The long term ambition is to become the leading listed Nordic property company.
 
 
For more information: www.norwegianproperty.no