Schibsted Media Group has entered into an agreement to sell the Stavanger Aftenblad office building at Nykirkebakken 2 in the centre of Stavanger for NOK 378 million. The building mainly consists of office space, totally gross approximately 12,000 square meters.
The transaction is completed at the end of Q3 2014, and Schibsted expects to book a gain of around NOK 90 million. Net cash contribution to Schibsted is NOK 363 million.
Schibsted has a lease contract for the offices in Nykirkebakken 2 which expires at the end of Q3 2026, with options to prolong. At the Schibsted group level the sale will have a net negative annual effect on gross operating profit (EBITDA) of around NOK 25 million.
Oslo, 30 September 2014
Jo Christian Steigedal
VP Investor Relations