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Next Issue Monday
13 September 2010
Featured Events
- CoreNet Global Summit
27-29 September 2010
London, UK
- Commercial Real Estate Finance Council Europe
25-26 October
London, UK
- MAPIC 2010
17-18-19 November 2010
Cannes, France
Norwegian Property buys time with new equity, improved result in first half
The listed Olso-based Norwegian Property, one of the most troubled real estate groups in the Nordics in the last months, has at least bought time with its capital raising and improved operating figures in the first half-year. Second quarter profits before value adjustments were NOK115m (e13m), well up from e8m in 2Q08. In June it made a fully subscribed private placement of e139m in new equity and renegotiated terms on most bank facilities. Net asset value on EPRA basis was NOK23.26 per share, against its stock price just below NOK8.