Today: November 19, 2017, 6:41 pm

SpareBank 1 SMN : Accepts bid at Søndre gt. 4-10 2017-11-09 18:03:01

SpareBank 1 SMN today accepted a bid at Søndre gate no. 4-10 in Trondheim city centre. The bank will retain ownership of the old bank building at Kongens gate no. 4, which was completed in 1882. 

The property concerned totals some 18,100 sq.m. and was completed in 2010. SpareBank 1 SMN and its subsidiaries will lease back about 70 per cent of the overall area on a 15 year lease with the option of a lease extension. The remainder of the property is leased by EnterCard, Trondheim municipality, Carma, Vinmonopolet, SpareBank 1 Kredittkort and NTNU Accel. Estimated gross annual rental in 2018 amounts to NOK 36.4 million.

The gross property value underlying the bid is NOK 755 million and will provide SpareBank 1 SMN with a net gain after an estimated tax rebate and transaction costs of just over NOK 120 million. This will strengthen the bank's CET1 capital ratio by about 0,13 percentage points.

The bid is subject to certain conditions, including board approval and conduct of a satisfactory financial, legal and technical due diligence process. The transaction is expected to reach completion in the course of the first quarter of 2018 in the form of a real property company share disposal.

SpareBank 1 SMN has engaged SpareBank 1 Markets and EiendomsMegler 1 Næringsmegling as advisers in this process.     

Trondheim, 9 November 2017 

Contact persons at SpareBank 1 SMN: 

Executive Vice President, Finance, Kjell Fordal on +47 905 41 672 

Vice President, Corporate Communications, Hans Tronstad on +47 905 41 672


This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SpareBank 1 SMN via Globenewswire

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