Scandinavian Property Development ASA has entered into an agreement for the acquisition of Hinna Park AS. Hinna Park consists of 134,000 m² of development property located between Stavanger and Sandnes. The purchase price is approximately NOK 620 million (approx. €70 mln). Today, Hinna Park AS is jointly and equally owned by Hitec Industries and Smedvig Eiendom AS.
artist impression of Hinna Park
The transaction grants Scandinavian Property Development ASA the rights to develop 134,000 m² of property - comprising 111,000 m² of commercial property and 23,000 m² of residential property.
The purchase applies to 100% of Hinna Park AS, which owns:
- Development options for both offices and residences
- 25% of the shares in the Hinna Pluss residential project
- Rental income from a range of leases at Jåttåvågen 10 and Jåttåvågen Nord
- A project organisation consisting of eight people
Hinna Park is the largest development project in the Stavanger region. The purchase of Hinna Park AS underlines Scandinavian Property Development's ambition of acquiring future-oriented projects in central, high-growth regions of Scandinavia.
"Scandinavian Property Development is very satisfied with the purchase of Hinna Park AS. We will continue the development of Hinna Park according to the agreements entered into with the Municipality of Stavanger, and in line with the ambitions of the previous owners. Moreover, we see Hinna Park as a natural springboard for our engagement in other development projects in the Stavanger region, and we will continue to build on the competence and experience that Hinna Park AS possesses in the field of major development projects," says Stein Haugbro, Managing Director of Scandinavian Property Development ASA.
"In our opinion, Hinna Park has found a good owner in Scandinavian Property Development, and we are sure that this company will carry out Hinna Park's plans in an appropriate manner. We are keenly looking forward to the interplay between a development of Fornebu and Hinna Park," says Jon Gjedebo, Chairman of the Board of Hinna Park.
The transaction is expected to be completed before 1st July 2007.
Source: Scandinavian Property Development