NPRO: Takeover of Martin Linges vei 33 at Fornebu

19 Mar 2024 08:19 CET

Norwegian Property's (NPRO's) subsidiary, NPRO Holding AS, has taken over all
shares in ML 33 Holding II AS as of 18 March 2024, which indirectly owns the
shares in the company that owns the property Martin Linges vei 33 at Fornebu
(the "Property"). The shares have been taken over for NOK 1. NPRO Holding is
100% holder of junior bond loan extended to one of the Property's holding
companies.

Former shareholder has tried to raise new capital to repair covenant breaches in
loan agreements to the Property's holding companies. There have also been
attempts to divest the Property's holding companies through a structured sales
process without success.

In connection with the transfer of the shares, NPRO Holding has guaranteed a
private placement in ML 33 Holding II AS of NOK 500 million, against a minimum
allocation of 80%. ML 33 Invest AS has been granted a right to offer existing
shareholders of ML 33 Invest AS to subscribe for up to NOK 100 million in the
equity issue on further agreed terms and conditions.

The proceeds of the issue will be used to repair the default of the senior bond
loan, repay parts of the junior loan, finance future approved investments in the
property as well as to cover transaction costs.

The senior loan of the Property matures on 10 January 2025, while the junior
loan matures 28 October 2024.

The board of NPRO will during the fall consider proposing an issuance of new
shares in NPRO in connection with establishment of new long-term financing for
the Property.

For further information, please contact:
Bent Oustad, CEO, mob: +47 4801 6082, e-mail: bo@npro.no
Haavard Rønning, CFO, mob. +47 400 200 19, e-mail: hr@npro.no

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Norwegian Property is a focused and fully integrated office property company
with properties located mainly in the Oslo area in Norway. The portfolio is
characterized by central location and attractive premises with high quality
tenants. The group's properties consist largely of office premises, associated
warehousing and car parking, as well as retail and catering space. The company
has identified four value drivers for long-term value creation; Marketing &
letting, Property management, Property development and Transactions & finance.
www.npro.no

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