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Schibsted ASA (SCH) – Schibsted divests real estate in Bergen

Monday 30. December 2013 - Schibsted Media Group has entered into an agreement to sell the Bergens Tidende office building at Krinkelkroken 1 in the centre of Bergen for NOK 350 million. The building mainly consists of office space, totally gross 9563 square meters.

The transaction is expected to be completed in Q4 2013, and Schibsted expects to book a gain of around NOK 130 million.
Bergens Tidende has a lease contract for the offices in Krinkelkroken 1 which expires at the end of Q1 2017, with options to prolong. At the Schibsted group level the sale will have a net negative annual effect on gross operating profit (EBITDA) of around NOK 20 million.