Telenor to Sell Norwegian Headquarters Building
October 20 2020 - 12:59PM
Dow Jones News
By Anthony O. Goriainoff
Norwegian telecom provider Telenor ASA said late Tuesday that it
will sell its headquarters building in Norway to NPRO Holding AS, a
wholly owned subsidiary of Norwegian Property ASA, and that it will
lease back parts of the buildings for 25 years.
The company said that the gross property value in the
transaction was 5.45 billion Norwegian kroner ($583.9 million), and
that the net purchase price will be approximately NOK5 billion,
which will be received on completion.
The company said the divestment was part of its simplification
program, and that it will be recognized in its financial statements
upon completion.
"In accordance with IFRS' rules on sale-lease-back, Telenor's
accounting gain will be approximately NOK1.3 billion," it said.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
October 20, 2020 12:44 ET (16:44 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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