SPDE: Sells commercial property in Stavanger to Oslo (NO)

Hinna Park AS, a Scandinavian Property Development ASA subsidiary, has entered into an agreement with Oslo Areal AS, regarding sale of Kanalpiren AS at Hinna, Stavanger.

Kanalpiren AS consists of commercial property of approx 16.000 m² BTA office space and a parking garage. The transaction is based on a property value of 410 million NOK (€50.2 million.)
The transaction and settlement will take place in January 2010.

Pangea Property Partners and SEB Enskilda have acted as financial advisors for Scandinavian Property Development ASA.

Source: Scandinavian Property Development ASA

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