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 Ratings has rated Norwegian Property BBB- with negative outlook. The rating was affirmed on 24th September 2025. All NPRO’s rated bonds have received a BBB rating.

NPRO presented their last updated framework for green bonds with S&P Global second opinion in September 2024. The last Green Bond Report according to the framework from 2020 is published on the sustainability site.