Allan Saunderson is managing editor of Property Finance Europe and a contributor to GlobeSt.com.

OSLO-Norway's largest listed real estate group Norwegian Property said its creditor banks have agreed to a complete restructuring of its debt of around €1.5 billion, which was a pre-condition to a mainly private placement €170 million cash call, to start to recapitalize the company.

In a statement it said it received documentation that the amendments and changes to loan agreements have been approved by credit committees of all banks involved. It noted, separately, that its recent extraordinary general meeting resolved all proposals on the agenda, including that to reduce share capital by cutting the nominal stock value to NOK 0.50 from NOK25, and the share capital increase.

NPRO owns the largest portfolio of office assets with blue-chip tenants in Norway.