Financing

Financing

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. During Q2-25 the company bought back NOK 294 mill of NPRO 20 and tapped NPRO 23 with NOK 500 mill.

By the end of Q2-2025 the split was 27% bank loans, 41% bilateral loans, and 32% listed bonds. Of all outstanding loans approximately 24% are green bonds.

Scope rated Norwegian Property BBB- for the first time after Q1-2022. The rating was updated to BBB- with negative outlook at the annual rating on 3. May 2024. All NPRO’s rated bonds have received a BBB rating.

NPRO presenterte sitt oppdaterte rammeverk for grønne obligasjonslån med S&P Globals second opinion i september 2024, og selskapets siste Green Bond Report i henhold til rammeverket fra 2020 er offentliggjort på bærekraftnettsiden.