Controversial Arctic Parcel of Land May Sell for €300 Million
The Manhattan-sized plot of land in Norway’s archipelago stirs national security worries.
The land being sold belonged to a Norwegian holding company.
Source: Knight Frank
A parcel of private land on Norway’s Arctic archipelago of Svalbard has attracted a group of buyers willing to pay the €300 million ($341 million) asking price—if the Norwegian government won’t overrule the deal on geopolitical concerns.
The consortium includes both Norwegian and international investors who “take a long-term view to protect this area from environmental changes,’’ Birgit Liodden, one of the minority shareholders selling the land and a well-known climate activist, said in an interview Friday. Investors include nationals of NATO member states and countries that have signed the Svalbard Treaty, she said, adding the parties have not been in dialogue with the Norwegian government concerning the sale.
The Sore Fagerfjord property —14,830-acre plot of land approximately 40 miles away from the island group’s main town of Longyearbyen —was put on the market last May. The government subsequently said that any negotiations or agreements on the sale have to be cleared by the state in advance due to national security interests. The Norwegian trade ministry reiterated the stance to Bloomberg on Friday.