Norwegian Property to cut debt, may sell assets as rents drop

Office Building at Aker Brygge offered by Norwegian Property.

Norwegian Property ASA, the biggest owner of commercial real estate in Oslo’s main financial district, plans to cut debt and may sell assets to ride out falling rents, reports Bloomberg.

Norwegian Property was founded in May 2006 wth the long-term ambition of becoming the largest and most liquid investment option for commercial property in Norway.

Today the company’s office portfolio comprises 48 commercial properties located in Oslo and Stavanger.

“We’re no longer seeking to be such a highly geared company,” Chief Financial Officer Mari Thjomøe said in an interview with Bloomberg at her company’s headquarters in Oslo.

“At some point we will reach that lower debt level and will hopefully be even more attractive to investors.”

Read the Bloomberg article here

View Norwegian Property’s buildings in Oslo here