AF Gruppen

Related Party Transaction • Jul 2, 2020

Sale of the office building "K5" at Hasle Linje in Oslo

Sale of the office building "K5" at Hasle Linje in Oslo

Hasle Linje Næring DA, a company of which 49.5% is owned by AF Gruppen, 49.5% by Höegh Eiendom and 1% by Vind AS, has accepted an offer by Clarkson Platou Real Estate regarding the sale of all the shares in the Karvesvingen 5 AS company. This company owns the newly constructed smart building "K5" at the same address.

Karvesvingen 5 is an office building with a GBA of approx. 18,000 square metres, and ATEA, the principal tenant, moved into the building during the first quarter of 2020. The building has been constructed by AF Gruppen and achieved a BREEAM-NOR environmental classification of Excellent. Höegh Eiendom will continue to manage the building after the transaction is completed.

The sale is estimated to provide AF Gruppen with an accounting gain of NOK 95 million.

“Over a short period of time, Hasle Linje has developed into a very vital district, centrally located and easily accessible. ‘K5’ is often referred to as Europe’s smartest building, and we are very pleased to have reached an agreement in direct negotiations with Clarkson Platou Real Estate. Apart from this, the parties have agreed not to comment on details until the sale is finally completed”, says Morten Grongstad, CEO of AF Gruppen.

The bid is subject to financing and satisfactory due diligence. It is expected that the transaction will be completed by the end of October 2020.

For further information:

CEO Morten Grongstad, tel. +47 991 53 905

EVP Property, HR and Communication, Ida Aall Gram, tel. +47 918 00 826