Hinna Park AS, a Scandinavian Property Development ASA subsidiary, has entered into an agreement with Oslo Areal AS, regarding sale of Kanalpiren AS at Hinna, Stavanger. Kanalpiren AS consists of commercial property of approx 16.000 sqm BTA office space and a parking garage. The transaction is based on a property value of MNOK 410. The transaction and settlement will take place in January 2010. Pangea Property Partners and SEB Enskilda have acted as financial advisors for Scandinavian Property Development ASA. For further information, please contact: CEO Morten Grongstad Scandinavian Property Development ASA Mobil + 47 99 15 39 05 This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act) [HUG#1371825]