Hinna Park AS, a Scandinavian Property Development ASA subsidiary, has entered into an agreement with Oslo Areal AS, regarding the sale of Kanalpiren AS at Hinna, Stavanger. The property comprises approximately 16,000 m2 of office space and a parking garage. The transaction is based on a property value of NOK 410 mln (EUR 50.2 mln) . The transaction and settlement will take place in January 2010.

Pangea Property Partners and SEB Enskilda acted as financial advisors for Scandinavian Property Development ASA.