Norwegian Property (NPRO) said it has received two new credit facilities totalling NOK 10 bn (EUR 1.28 bn) from two consortia of Nordic lenders. In a statement, the Norwegian property company said lenders Nordea Bank Norge and Skandinaviska Enskilda Banken are providing a NOK 5 bn loan with a duration of seven years, while a second NOK 5 bn four-year credit facility has been granted by DnB NOR Bank and Fokus Bank, the Norwegian branch of Danske Bank.

The facilities have an average margin of 1.25%.

'We are pleased to have a long-term financing solution for Norwegian Property in place, enabling freedom of action and investment capacity,' said CEO Olav Line. 'New credit facilities of NOK 10 bn secure a solid financial platform and a diversified maturity profile for the company's debt.' After the refinancing, Norwegian Property has no maturing debt until 2013.

The financing deals increase the average duration of the company's debt to 5.3 years, from 2.0 years at year-end 2010.

Following the transaction, NPRO's available credit facilities and cash stand at NOK 1.3 bn, adding capacity for new investments, NPRO said.