DNB Bank ASA - M&A Activity 2015 | FinancialReports.eu

DNB Livsforsikring to sell Oslo City

DNB will sell Oslo City to a consortium consisting of

Entra and Steen & Strøm. The property is valued at

approximately NOK 5 billion.

Oslo City is a combined shopping centre and office

building with a total floor space of 80,535 square

metres. The property covers a whole city block and has

a very central location in the immediate vicinity of

Oslo Central Station.

"We are happy to have succeeded in our negotiations to

sell Oslo City with two well-recognised and

professional players in their respective markets. We

have owned the building since 1994, and during these

years, Oslo City has been developed to become one of

Norway's best shopping centres. The next development

phase will take place under new ownership," says Tom

Rathke, group executive vice president in DNB.

"Developing, purchasing and selling properties is an

integral part of being a large player in the property

market, and we are prepared to purchase and sell other

properties to further develop our property portfolio.

Over the last few years, we have reduced our property

portfolio through sales, which is mainly due to good

transaction opportunities. In turn, this has given us

the chance to realise strong gains for our pension

customers," says Rathke.

Pangea Property Partners has acted as adviser for DNB.

Contact:

Vidar Korsberg Dalsbø

Communications adviser DNB

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