NORWAY - Reiten-backed NEAS enters agreement with Norwegian Property

In total the agreement includes 54 buildings, spread over 700,000 square meters, and is worth approximately NOK 1bn. The contract is binding for six years, and also includes an option to extend the period.

With this agreement, NEAS will double its annual turnover, and it will be implemented over a 12 month period, starting on 1 April 2008 and is expected to be fully implemented within three years.

Reiten & Co acquired a stake in NEAS in May 2000, and currently holds roughly 89% of the shares.

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