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50/50 joint venture to start a redevelopment project at Christian Krohgs gate 2
(“CK2”) in Oslo city centre. The redevelopment covers 21,200 sqm and is located
a few minutes’ walk from Oslo Central Station.
The partnership provides a capital-efficient way of realising a project that
will further enhance the attractiveness of the area. Skanska will act as turnkey
contractor for the project, with completion targeted around year-end 2029/2030.
As part of the transaction, Entra will sell 50% of the shares in the
property-owning company to Skanska. The transaction is based on a gross property
value of NOK 550 million (100% basis), representing a 2.7% premium to book value
as of Q3 2025.
In connection with the above, Entra and Skanska have entered into a new lease
agreement for approximately 7,500 sqm in CK2, with a duration of 10 years from
project completion. Following this agreement, CK2 is 35% pre-let to Skanska. In
addition, Skanska will extend its lease with Entra for its current office
premises by approximately two years, until relocation to CK2.
Closing of the transaction and establishment of the joint venture is expected in
Q1 2026, with project start-up targeted for Q2 2026. Closing, and consequently
all agreements entered into with Skanska, is subject to obtaining necessary
regulatory approvals from the Norwegian Competition Authority
(Konkurransetilsynet).
For further information, please contact:
Sonja Horn, CEO, +47 905 68 456, sh@entra.no
Ole Anton Gulsvik, CFO, +47 995 68 520, oag@entra.no
ABOUT ENTRA ASA
Entra is a leading owner, manager, and developer of office properties in Norway.
The company owns and manages around 80 properties, totalling approximately 1.3
million square metres, located in the Greater Oslo region, Bergen, and
Stavanger. Entra’s tenant base primarily comprises public sector entities and
high-quality private tenants on long-term leases. The company’s strategy focuses
on creating value through profitable growth, being the preferred office
provider, and environmental leadership.
ATTACHMENTS
Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/16126567/18760619/6656/Download%20announce
ment%20as%20PDF.pdf
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