Hjort has assisted with the sale of Svalbard property

The owners of the Svalbard property Austre Adventfjord have reached an agreement with the Norwegian state regarding sale of the property. The price is 300 million Norwegian kroner. Attorney Erling O. Lyngtveit at Hjort represented the owners.

longyearbyen

The owners of Austre Adventfjord contacted the Ministry of Trade, Industry and Fisheries in January 2014, regarding whether the state would be interested in purchasing the property. Due to the property’s proximity to Longyearbyen and a wish to keep it on Norwegian hands, the Ministry concluded that they would purchase it.

- We are satisfied with both the buyer and the price, says attorney Erling O. Lyngtveit.

Austre Adventfjord is situated just north of Longyearbyen in Svalbard. The property is approximately 217.6 km2, which is about 0.35 percent of Svalbard’s total area.