Entra

M&A Activity • Jun 30, 2021

Acquires 1/3 of Oslo S Utvikling together with Linstow

Acquires 1/3 of Oslo S Utvikling together with Linstow

30.6.2021 15:15:01 CEST | Entra ASA | Additional regulated information required

to be disclosed under the laws of a member state

Entra and Linstow has entered into an agreement to acquire Bane NOR Eiendom's

33.3% share of Oslo S Utvikling AS ("OSU") for NOK 950 million (NOK 475 million

for Entra's share). After the transaction Entra and Linstow will each hold 50 %

of OSU.

OSU was established in 2001 and has been responsible for developing a

significant part of the Bjørvika area located south of the Central station in

Oslo. Bjørvika is the largest urban development project in Norway in recent

times, where a majority of the port area has been developed into a vibrant new

city district where around 20,000 people will work and 10,000 will live when

everything is finalised.

OSU has throughout the years developed and sold 12 high-rise office properties

totaling around 150,000 sqm, around 400 residential units and 12,500 sqm of

retail space in the Barcode area of Bjørvika. In the Bispevika area of Bjørvika,

OSU is developing an additional 1,900 residential units of which around 1,100

units are completed and sold.

Remaining development potential in OSU is thus around 800 residential units with

connected retail/restaurants and cultural activities as well as a 72.2 % share

in a land plot zoned mainly for commercial purposes and an option to acquire 25

% of a land plot which is under zoning for mainly commercial purposes.

- Bjørvika has established itself as one of Oslo's most attractive areas to live

and work. It is gratifying to see the bustling life that has emerged in this

part of the city along with the development of new cultural offerings,

restaurants and activities by the sea. Entra has a large portfolio around the

central station in Oslo and the development of Bjørvika has significantly

enhanced the quality of our entire portfolio here. As an urban developer Entra

wants to be a part of the remaining development in Bjørvika and to maintain our

active role in OSU, says CEO Sonja Horn.

OSU will continue to be accounted for as a jointly controlled entity in Entra's

balance sheet. The transaction is based on a competitive process and the fair

market value of Entra's 33.3 % share in OSU will increase by approximately NOK

200 million compared to the fair value reported in the first quarter of 2021,

representing an increase in EPRA NRV of approximately NOK 1 per share in the

second quarter.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

CONTACTS

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

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/16126567/680/878/Download%20announcement%2

0as%20PDF.pdf