DNB Sells Oslo Shopping, Office Complex for NOK5 Billion
14 Dicembre 2015 - 9:58AM
Dow Jones News
By Dominic Chopping
Norway's DNB ASA (DNB.OS) said Monday its DNB Life Insurance
business has sold the Oslo City shopping centre and office building
to a consortium of Entra ASA (ENTRA.OS) and Steen & Strom for
five billion Norwegian kroner ($576.3 million).
"Over the last few years, we have reduced our property portfolio
through sales, which is mainly due to good transaction
opportunities," said Tom Rathke, group executive vice president in
DNB. "In turn, this has given us the chance to realise strong gains
for our pension customers."
Following the transaction, Steen & Strom and Entra will then
demerge the property into two separate retail and office assets in
2016. Steen & Strom will fully own the shopping center and half
of the parking spaces for a net investment of NOK3.3 billion, while
Entra will own the office premises and the other half of the
parking spaces.
-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter:
@domchopping @WSJNordics
(END) Dow Jones Newswires
December 14, 2015 03:43 ET (08:43 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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