Norwegian Property subsidiary Oslo Properties has signed an unconditional sales and purchase agreement with Sech Holding for the sale of its subsidiary Norgani Hotels.

Both parties entered into a preliminary agreement for the sale in August 2010.

The completion of the transaction followed the full approval of the parties, completion of debt financing and approvals by relevant competition authorities.

Norwegian Property has an option to buy back a 9.9% minority share of Norgani Hotels by 31 December 2010.

Sech Holding is under joint ownership and controlled by Pandox and Heches Holding.