Entra: Signed new lease contracts with The Directo

The Directorate of Norwegian Customs ("Norwegian Customs") has signed 15-year lease contracts for a total of 17,500 sqm in the properties Strømsveien 96 and Tollbugata 1 in Oslo.

Norwegian Customs is currently letting 100 % of Entra's properties in Schweigaardsgate 15 and Tollbugata 1, totalling approximately 31,500 sqm. The current lease contracts expires 31 December 2020.

Entra has had a long dialogue with Norwegian Customs to find an optimal solution, and the parties have now agreed on the following:

1. Customs Region Oslo and Akershus, currently occupying 7,500 sqm in Schweigaardsgate 15 and all of Tollbugata 1, will let the remaining 8,500 sqm in the project at Strømsveien 96 at Helsfyr and will move in by September 2017. The newly renovated property in Strømsveien 96 will then be 100 % let.  
2. Tollbugata 1, consisting of two buildings of 9,000 sqm adjacent to Oslo Central station, will undergo a comprehensive renovation expected to be completed in 2019. The Directorate of Norwegian Customs will then move from Schweigaardsgate 15 to Tollbugata 1, which will be 100 % let.

Following the Directorate of Norwegian Customs moving into Tollbugata 1, Schweigaardsgate 15 will be vacated in 2019, two years prior to current contract expiration. Schweigaardsgate 15 has a prime location close to the Oslo Central Station. The property is in need of renovation, and Entra aims to upgrade the property into a modern and efficient office building completed in 2020/2021.

"We are very pleased with the continued long term relationship with Norwegian Customs as one of Entra's core tenants. Our properties in Strømsveien 96 and Tollbugata 1 will be fully let on long leases, and we look forward to offer a high quality office building in Schweigaardsgate 15 to the market" says CEO Arve Regland in a comment.

For further queries please contact: Arve Regland, CEO, tel: +47 479 07 700, email: ar@entra.no.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.