Statoil sells head office building at Forus, signs lease

Norwegian oil giant Statoil has informed of entering into an agreement with Colony Capital, Inc. for sale of the company’s head office building at Forus in Stavanger, Norway. At the same time the company is signing a 15-year lease agreement with an extension option.

The company says that the office building, covering around 100,000 square metres, has been subject to extensions and upgrading several times since the first building stage was finished in 1979. The last upgrade involving a new business and conference centre opened last year. According to Statoil, the property value is in excess of NOK 2.5 billion ($ 320.46M).

Senior vice president Kåre Thomsen, who is responsible for Statoil’s office buildings, says: “The premises at Forus East remain our corporate head office, and with this agreement we ensure a long-term perspective for utilization of the property.”

Put up for sale last winter, the property was marketed both in Norway and internationally.

“The agreement is the result of a successful sales process, and we believe that Colony Capital is a long-term and good owner of the building. As lessee Statoil will still be responsible for operation and maintenance of the property, while the sale releases capital for developing our core activities,” says Thomsen.

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