Scandinavian Property Development ASA (OSL:SPDE) SPDE Takes Up Shareholder Loan

Scandinavian Property Development ASA (OSL:SPDE) SPDE has entered into a loan agreement with three of the company's shareholders (Orkla Eiendom AS, OBOS Forretningsbygg AS and Canica AS). The loan is arranged as a loan facility with an upper limit of MNOK 250, with maturity until March 31st, 2009.

- This provides the company with the required financial freedom of action to implement the developments and structural changes which are planned for the time to come, says CEO Kaare Frydenberg, in a comment.

Fornebu, December 10th 2008

For further information, please contact:

Kaare Frydenberg (CEO), +47 958 92 185

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Scandinavian Property Development ASA

http://www.scandinavianpropertydevelopment.no

ISIN: NO0010354269

Stock Identifier: XOSL.SPDE