Norwegian listed real estate company Fornebu Utviklings has announced the sale of a commercial property at Fornebu, to the west of Oslo, for NOK 780 mln (EUR 100 mln) in cash. The buyer is Aker ASA, a Norwegian holding company engaged in offshore fishing, construction and engineering.

The asset covers nearly all the remaining commercial real estate owned by Fornebu Utviklings, which has recently turned its focus to residential real estate.
The transaction, which is scheduled to be completed by the end of January 2012, is expected to generate some NOK 110-130 mln of profit for the group.

'The transaction supports our strategy to establish ourselves as a strong residential developer with a focus on Fornebu, and brings in another strong industrial party, Aker ASA, to the development of Fornebu. The sale of the area will also contribute to strengthen the financial position of the company,' said Morten Grongstad, CEO of Fornebu Utvikling.