Aker Solutions Sells Fornebu Hotel Property

Aker Solutions Sells Fornebu Hotel Property

Aker Solutions has sold its stake in Quality Hotel Expo in Fornebu outside of Oslo for NOK 447 million.
The company divested its 93 percent holding in the property to Fornebu Hotellinvest AS, a syndicate set up by Pareto Project Finance AS. Aker Solutions will book a gain in the second quarter of about NOK 100 million after taxes and transaction costs.
The transaction values the entire property at NOK 473 million, corresponding to a yield of 6.3 percent based on the forecast net rent for the property in 2014.
The hotel was built by Aker Solutions in 2012 and has an 18-year remaining lease contract guaranteed by Choice Hotels and Resorts AS.
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