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Scandinavian Property Development ASA Scandinavian Property Development (SPDE) is extending their loan agreement with Oslo municipality and Storebrand ASA. The new agreement with Oslo municipality postpones the partial payment due on July 1st 2008 of the property loan at Fornebu until October 1st 2009. SPDE also entered into a contract with Storebrand on a term extension of the property loan attached to the building project in Hundsund at Fornebu from June 30 2008 until December 31st 2009.
"SPDE is extending the loan agreements in order to adjust the due dates in accordance with the progress in the projects. I am satisfied that we now have this under control in an exigent credit market", states Are Njåstein, CFO of SPDE.
SPDE is behind the development of Fornebu, which involves development of more than 5 000 residential properties and over 100 000 square metres of commercial properties, i.a. offices, hotel and a shopping centre. The Fornebu Hageby I building process started in May, and the development of Hundsund started last week. In addition, SPDE are working on exciting projects in Stavanger (Hinna Park) and Odense, Denmark (Opus).
For more information about SPDE, please visit our web site www.spde.no.
