Financing

Finances and bonds

Norwegian Property has established as part of its finance policy that the LTV level should be between 45-55%.

The company’s goal is to reduce refinancing risk through a diversified maturity profile.

Funding sources are split between bank loans, bilateral loans and listed bonds. As real estate is a capital-intensive business, it is essential for the company to maintain good relations with several large banks, active and stable in the Norwegian market.

The bond market has been the most important funding source to Norwegian Property for several years, and two new loans were issued in January 2025, amounting to NOK 2000 million.

By the end of Q1-2025 the split was 27% bank loans, 41% bilateral loans, and 32% listed bonds. Of all outstanding loans approximately 24% are green bonds.

Scope to BBB- with negative outlook. Scope published its BBB rating of three new bonds in July 2024.

NPRO published its updated Green Bond Framework with the updated second opinion from S&P Global in September 2024, and the company’s latest Green Bond report is available on the sustainability web page.