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 and 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.

Since 2014 the bond market has become an increasingly important funding source to Norwegian Property.

By the end of Q4-2019 the split was 18% bank loans and 82% bonds.

Split on bank loans and bonds 2019-Q4

Maturity profile January 2020

Below is a list of outstanding bonds:

Below is a list of outstanding bonds:

ISIN nrNameDocument (links)AmountInterestMaturityMortgaged property
NO 0010871312Loan Agreement460 mnokFRN2020-2024Lille Grensen 7
NO 0010864952NPRO 16Securities Note505 mnok2.666%2019-2024Bryggegata 7-9 and Støperiet
Registration Document 2019.09.16
NO 0010856826NPRO 15Securities Note300 mnokFRN2019-2024Kaibygg 1
NO 0010856818NPRO 14Securities Note150 mnok3.05%2019-2026Kaibygg 1
NO 0010856719NPRO 13Securities Note500 mnokFRN2019-2022Kaibygg 1
NO 0010809346NPRO 12Securities Note
Tap Issue Addendum
400 mnok
71 mnok
FRN2017-2020Terminalbygget
NO 0010809338NPRO 11Securities Note
Tap Issue Addendum
1 000 mnok
230 mnok
FRN2017-2022Terminalbygget
NO 0010805104NPRO 10Securities Note570 mnok2,525 %2017-2022Gullhaugveien 9-13
NO 0010799547NPRO 09Securities Note300 mnok2,93 %2017-2024Drammensveien 60
NO 0010794258NPRO 08Securities Note450 mnok2,95 %2017-2024Fondbygget
NO 0010794241NPRO 07Securities Note with Amendment Agreement
Tap Issue Addendum
Tap Issue Addendum
220 mnok
89 mnok
119 mnok
FRN2017-2024Fondbygget
Supplement to Registration Document 2017.06.26
NO 0010768195NPRO 06Securities Note1 335 mnokFRN2016-2020Verkstedhallene
Registration Document 2017.01.03