SPDE finances zoned areas on Fornebu, Norway (NO)

Scandinavian Property Development (SPDE), a newly established real estate company focusing on Scandinavian development projects, has announced that the financing for the zoned areas on Fornebu is in place.

This includes the housing projects Fornebu Hageby, Hundsund, Rolfsbukta, Holtekilen, Storøya and Parken Øst, as well as commercial properties, including a shopping mall, hotel, office building and hypermarkets.

The financing includes a building loan frame of 4.89 billion NOK (approx. €590m) and new loans of 1.05 billion NOK (approx. €130m). SPDE repays old loans of 0.29 billion NOK (approx. €35m). The financing gives a leverage of 51% of gross asset value of the projects at satisfactory conditions.

Source: SPDE

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