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Recreate is selling Fornebuveien 1-3 in Lysaker

Recreate ASA is selling its 50% share of the office property Fornebuveien 1-3 in Lysaker. The sale is to a syndicate facilitated by Pareto Securities.

- With the sale of this property, we can settle debts while focusing our future investment around the properties we own in Telemark and Vestfold.

Recreate ASA purchased 50% of the shares in the property in January 2021. Shortly after the takeover, a large portion of the property was leased to Schlumberger, and the building has recently undergone a major renovation process. Fornebuveien 1-3 is valued at approximately NOK 281 million in the transaction.

- The sale of the property releases a significant amount of funds, primarily used to pay off creditors in the company and repay loans.We are one step closer to financial recovery, says CEO Emil Eriksrød, adding that the company continues to work on several processes to improve its financial position.

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