Business News

Schibsted ASA (SCH) – Sale of printing plant building and lease agreement

Friday 26. March 2010 - Schibsted ASA has, through its fully owned subsidiary Schibsted Eiendom AS, accepted an offer concerning the sale of the building used by Schibsted Trykk AS in Sandakervn. 121 in Oslo for NOK 760 million. The building contains production spaces, warehouse, offices and parking space, totally close to 45,000 sqm.

Schibsted will enter into a lease agreement for fifteen years with the option to extend the agreement for five plus five plus five years. A final agreement is under negotiation, and the transaction is expected to be finalized during the second quarter of 2010.  
 
The accounting gain for Schibsted will be around NOK 400 million. At the group level the sale will have a net yearly negative impact on operating profit before other revenues and expenses (EBITA) of about NOK 30 million. At the Schibsted Trykk level the rental costs will be unchanged.
 
The sale is subject to approval from the Board of Schibsted ASA and subject to financing on the Buyers side.