Northern Logistic Property ASA - update rent situation

Northern Logistic Property ASA ("NLP") has been informed that bankruptcy proceedings have been opened in one of the tenants in Mappen 3 in Linköping. The tenant, HC Distribution AB, rents approximately 16 000 square meters and the annual rent is approximately SEK 6,5 millions. NLP starts the search for new tenants immediately.

NLP has agreed with Green Cargo to extend the contract for Jorbromalm 4:12 in Haninge, Stockholm. The contract originally expired 31st of December 2013 and has been extended until September 2019. The extension of the contract means that the contracts for Jorbromalm 4:12 and Jordbromalm 4:34 will have the same duration. In connection with the extension, an investment of about SEK 5 millions is done and annual rent in the period is increased by approximately SEK 0,74 million. Total annual rental income for the two properties, which have a combined area of around 33 000 square meters, will be approximately SEK 21,8 millions.

In Bleket 2, Karlstad, a contract for approximately 1 390 square meters has been signed. The area consists mainly of cooled storage and the annual rent is approximately SEK 1,3 millions. The contract starts October 1st this year and runs until September 30, 2014.

source : Northern Logistic Property ASA