Entra ASA : Acquires large development site at Bryn in Oslo
Oslo, 29 June 2018 - Entra ASA today announced the acquisition of a large development site at Bryn in Oslo. The total land plot is 38,140 square meters with an expected development potential of around 120,000 square meters of office- and residential areas. As part of the transaction Entra has partnered with JM Norge AS who will later acquire land zoned for residential development subject to detailed plan
- Bryn is one of the key focus areas for city development in Oslo with close proximity to subway, train and bus stations. In cooperation with JM we look forward to taking a leading role in good and responsible development of Bryn, says Entra's CEO Arve Regland.
- As one of the Nordic region's leading developers of housing and residential areas we are constantly looking for attractive opportunities in the metropolitan areas. Oslo is growing rapidly and the need for good homes is increasing. We look forward to combining Entra's experience with our own and create an attractive mix of residents and office space at Bryn, says Hilde Vatne, head of JM's operations in the Oslo region.
Transaction structure
Entra will acquire the properties Brynsveien 1, 2-4, 3, 5, 6, 8, 11-13 and 12 as well as Østensjøveien 39/41 and 43 through five different transactions. The total transaction value is NOK 1.1 bn which will be paid by Entra upon closing of the individual transactions. An additional amount limited to NOK 0.3 bn will be paid based on certain criteria in the final zoning plan. Closing is expected to take place during third quarter of 2018.
The current property portfolio has rental income of around NOK 60 million per year with a lease contract duration of approximately four years.
Entra will be responsible for developing the commercial part of the land plot and JM the residential part. All properties will initially be acquired by Entra who will be responsible for property management. JM is responsible for zoning of the planned residential areas and will buy these areas when zoning is completed.
About Bryn
Bryn/Helsfyr is one of Entra's core property clusters and prior to this transaction Entra owns 43,000 square meters at Bryn and 71,000 square meters at Helsfyr. Entra's strategy is to develop, own and manage attractive and modern office properties close to public transportation hubs.
For further queries please contact Arve Regland, CEO Entra ASA, tel: +47 479 07 700, email: ar@entra.no
This information is subject to the disclosure requirements pursuant to section 5-1 of the Norwegian Securities Trading Act.
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