Entra

M&A Activity • Dec 3, 2021

Entra acquires Oslo Areal

Entra acquires Oslo Areal

3.12.2021 08:30:01 CET | Entra ASA | Inside information

Reference is made to the announcement by Entra dated 5 November 2021, referring

to Entra being one of several interested parties in acquiring Oslo Areal AS

("Oslo Areal"). Entra is pleased to announce that it has entered into a binding

agreement with Gjensidige Forsikring ASA ("Gjensidige") and AMF

Pensionsförsäkring AB ("AMF") to acquire 100 % of the shares in Oslo Areal for

approximately NOK 13.55 bn. The transaction will be financed through existing

and new debt facilities.

Oslo Areal is an owner and developer of office properties in and around Oslo.

The company owns 17 office properties of which 15 are centrally located in Oslo

and two in Sandvika just outside Oslo. The property portfolio totals 222,000 sqm

of gross lettable area and has a significant development potential with ongoing

zoning of up to 95,000 sqm and additional long term development potential of

approximately 45,000 sqm. The office portfolio is currently 94.4 % let with a

WAULT of 4.7 years. 12 months rolling rent is estimated to be around NOK 464

million. The company has 14 employees.

"Oslo Areal is a perfect strategic fit for Entra, both in terms of portfolio

location and its significant inherent development potential. This transaction

enables additional profitable growth and increased shareholder values in Entra

going forward by utilizing our strong balance sheet, says Siri Hatlen, Chair of

the Board in Entra"

"Oslo Areal holds an attractive office portfolio with a project pipeline which

is complimentary to Entra's existing portfolio. We see Oslo Areal as a smaller

version of Entra and the company will significantly strengthen Entra's market

position in Oslo. The transaction will create shareholder and tenant values far

beyond regular single-asset transactions, says Sonja Horn, CEO in Entra".

«We are very pleased to have reached an agreement with Entra. We are convinced

that this will create further room for Oslo Areal's strategic development, says

Helge Leiro Baastad, CEO in Gjensidige".

| Entra | Oslo Areal | Combined

--------------------------------------------------------------------------------

Rental income YTD Q3 | 1,832 | 356 | 2,188

2021 | | |

--------------------------------------------------------------------------------

Net operating income | 1,660 | 318 | 1,978

YTD Q3 2021 | | |

--------------------------------------------------------------------------------

| | |

--------------------------------------------------------------------------------

No. of properties | 96 | 17 | 113

--------------------------------------------------------------------------------

Total portfolio value | 64,139 | 13,550 | 77,689

(NOKm) | | |

--------------------------------------------------------------------------------

Gross lettable area | 1,213,015 | 222,331 | 1,435,346

(sqm) | | |

--------------------------------------------------------------------------------

12 months rolling | 2,709 | 464 | 3,173

rent (NOKm) | | |

--------------------------------------------------------------------------------

WAULT (years) | 6.9 | 4.7 | 6.6

--------------------------------------------------------------------------------

Public sector share | 58 % | 32 % | 54 %

of GRI (%) | | |

--------------------------------------------------------------------------------

Gross project area | 300,000 - 350,000 | 95,000 - 140,000 | 395,000 - 490,000

(sqm)3 | | |

The transaction is subject to customary clearance from the Norwegian Competition

Authority and is expected to close in medio January 2022.

Pangea Property Partners has acted as financial and transaction advisor, the law

firm Schjødt has acted as legal advisor, and Ernst & Young has acted as

financial due diligence advisor to Entra.

Entra invites to a webcast-presentation of the Oslo Areal acquisition today

Friday 3 December at 10:30 CET. For participation, please register via the

following link:

https://attendee.gotowebinar.com/register/1348158905255991824.

CEO Sonja Horn and CFO Anders Olstad will host the webcast and will be available

for a Q&A session at the end of the webcast.

The presentation is enclosed and can be download from Entra's IR-site following

today's webcast.

For further information please contact:

Sonja Horn, CEO, + 47 905 68 456, sh@entra.no

Anders Olstad, CFO, +47 900 22 559, ao@entra.no

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation. This stock exchange announcement was published by Tone

Omsted, Head of Investor Relations at Entra ASA, on 3 December, 2021 at 08:30

CET.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

ABOUT ENTRA ASA

Entra is a leading owner, manager and developer of office properties in Norway.

Entra owns and manages around 90 buildings totalling approximately 1.3 million

square meters, located in Oslo and the surrounding region, Bergen, Stavanger and

Trondheim. Entra has a solid customer portfolio with a high proportion of public

tenants. The company's strategy is focused on delivering profitable growth, high

customer satisfaction and environmental leadership

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/16126567/1038/1393/Download%20announcement

%20as%20PDF.pdf

Presentation of Oslo Areal.pdf -

https://kommunikasjon.ntb.no/ir-files/16126567/1038/1392/Presentation%20of%20Osl

o%20Areal.pdf