NPRO - Sale Of Non-core Asset

Norwegian Property ASA Norwegian Property has entered into an agreement for the sale of Elvegaten 25 in Sandnes. The property value is NOK 58,9 million. The buyer is HNW Eiendom AS (under foundation), a company owned by Rafoss Gruppen AS, Velde AS og Wiggo Erichsen Holding AS. The sale is in line with Norwegian Property's strategy to actively develop the portfolio and dispose non-core properties. The property value is approximately NOK 6 million above current valuation.

The transaction will be completed on 30 June 2008.

For further information, contact; Sigmund Sletvold, Vice President investment/sales, +47 977 43 143

Norwegian Property ASA

http://www.norwegianproperty.no

ISIN: NO0010317811

Stock Identifier: XOSL.NPRO