Northern Logistic Property (NLPR) has temporarily amended the terms of two loan facility agreements

Dienstag, 13. Oktober 2009 15:58
(Oslo, 13 October 2009 - Northern Logistic Property ASA)

Northern Logistic Property ASA (NLP) has renegotiated the terms of
two loan facility agreements which implies that market values of the
properties will be held unchanged until third quarter 2010. The
agreements include repayments totalling SEK 88.3 mill for this

The loans to which amendments have been agreed are:

1. Loan Facility Agreement in the amount of SEK 3,625,000,000 with
Deutsche Pfandbriefbank AG (formerly known as Hypo Real Estate
Bank AG)
2. Loan Facility Agreement in the amount of SEK 340,800,000 with
Aareal Bank AG

The repayments of the loan to Deutsche Pfandbriefbank AG amount to
SEK 72,000,000 and the repayments of the loan to Aareal Bank AG
amount to SEK 16,300,000.

The reason for the agreed addendum agreement with Deutsche
Pfandbriefbank AG is a valuation performed on the bank's initiative
and, if applied, will result in a "cash sweep event". The deviation
from previous valuations is limited and with the agreed repayments
the LTV ratio will be below the cash sweep maximum LTV ratio set out
in the Loan Facility Agreement. The loan from Aareal Bank AG has been
in "cash sweep" for a period of time and will with the agreed
repayments be below the "cash sweep event" LTV-ratio.

No default of financial covenants has occurred or is ongoing for
either of the loans.

The CEO Per Gunnar Rymer says in a commentary: "The addendum
agreements with Deutsche Pfandbriefbank AG and Aareal Bank AG ensure
stability of LTV ratios until at least the third quarter of 2010. We
find it reassuring that the valuation, performed by an appraiser
nominated by Deutsche Pfandbriefbank AG, of the properties in the NLP
Holding I portfolio concludes with a value that differs only
marginally from prior valuations and that the value deviation is well
within what must be considered to be a normal deviation between two
independent appraisers. The agreed amendments mean that NLP can
further strengthen its focus on value creation within its existing

For further information:

Per Gunnar Rymer, CEO + 47 907 77 627 email:

About Northern Logistic Property ASA
Northern Logistic Property ASA is a leading pure-play logistic
property company based in the Nordic region. The portfolio consists
of 24 (prior to sale of 5 properties to Kungsleden) advanced logistic
properties located in larger and regional cities in Sweden and
Denmark, with a total lettable area of approximately 814,000 sq.m.
See also

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