Entra acquires development property in Bergen

OSLO: Entra ASA has acquired the property Møllendalsveien 6-8, located in Entra’s existing property cluster and nearby Media City Bergen , for a property value of NOK 400 million.

Møllendalsveien 6-8 is a 14,500 sqm office property with an annual rent of NOK 26,4 mill. The average lease contract duration is approximately 1.2 year.

Entra plans to re-develop the asset into an attractive office product when the existing lease contracts expire. The transaction is in accordance with Entra’s strategy of growth through property development in central areas of the largest cities in Norway.

“The property has an interesting development potential, and we have a positive outlook on the property market in Bergen. We are therefore very pleased to further strengthen our position here” said Sonja Horn, Entra’s CEO. The transaction is expected to close on 2 December 2019.