NPRO - LEASE CONTRACT WITH NORDEA EXTENDED

Norwegian Property has extended the existing lease contract with Nordea at
Middelthunsgate 17 until 31 January 2016. The new lease contract which is valid
from 27 January 2014 encompasses an office area of 26 847 sqm, a storage area of
3 472 sqm and indoor parking space for 214 cars. The gross rent increases by
33.3 per cent compared to the 2010-rent, and the new yearly total will be NOK
61.8 million from 27 January 2014. The rent is 100 per cent CPI-adjusted yearly
using the CPI index as of October 2010. The extension is agreed upon "as-is"
terms, i.e. no investment obligations for the lessor.
 
 "Nordea  has evaluated different  locations for its  new Norwegian head office.
Norwegian Property has offered a modernized and efficient new head office at the
current   location  Middelthunsgate  17. The  project  meets  new  environmental
standards  and  encompasses  space  for  50% more  employees  than  the  current
building. However Nordea has chosen to relocate to a new head office to be built
in Oslo. The current lease contract will be extended for two years on attractive
terms. With a remaining duration on the current lease contract of more than five
years,  we have extensive time to consider future use of the property, including
alternative use," says CEO Olav Line.
 
For further information, contact:
 
Olav Line, CEO, phone +47 48 25 41 49
 
Aili Klami, Director Leasing and Marketing, phone +47 95 26 45 55
 
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
 
[HUG#1468710]
 
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Source: Norwegian Property ASA via Thomson Reuters ONE