Statoil Selling at Forus, Signing a 15-Year Lease Agreement

Source: www.gulfoilandgas.com 6/9/2015, Location: Europe

Statoil has entered into an agreement with Colony Capital, Inc. for sale of the company’s head office building at Forus (Stavanger, Norway). At the same time the company is signing a 15-year lease agreement with an extension option.

Covering around 100,000 square metres, the office building has been subject to extensions and upgrading several times since the first building stage was finished in 1979. The last upgrade involving a new business and conference centre opened last year. The property value is in excess of NOK 2.5 billion.

“The premises at Forus East remain our corporate head office, and with this agreement we ensure a long-term perspective for utilization of the property,” says senior vice president K?re Thomsen, who is responsible for Statoil’s office buildings.

Put up for sale last winter, the property was marketed both in Norway and internationally.

“The agreement is the result of a successful sales process, and we believe that Colony Capital is a long-term and good owner of the building. As lessee Statoil will still be responsible for operation and maintenance of the property, while the sale releases capital for developing our core activities,” says Thomsen.

Statoil’s advisers have been Atrium|CBRE and the law firm Advokatfirmaet Haavind AS.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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