Oxenøen, Norway, 09 September 2008 -- Norske Skog has sold its Oxenøen property at Lysaker for NOK 429.5 million to a company owned by Aspelin Ramm and OBOS (Oslo Housing and Savings Society).

The entire property covers 56,000 square meters and contains 14,000 square meters of buildings, of which 3000 square meters are parking space.

Norske Skog's main office is presently located at Oxenøen. A leasing agreement has been entered into between Norske Skog and the new owners, meaning that Norske Skog will remain at Oxenøen for some time.

The property will be taken over by the new owners on 01 October 2008. The sale will yield a book gain of about NOK 230 million, which will be recognized in the accounts for the fourth quarter of 2008.

The sale of the property is part of efforts to reduce Norske Skog's debts.