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]