Arktisk Ö Till Salu
2024-05-12
Manhattan-size Arctic plot with 'geopolitical implications’ hits market for more than $300 million
The last privately held plot in Svalbard – located halfway between Norway and the North Pole – is now for sale for a “mere” $323 million.
Purchasing the 14,830-acre piece of land, known as Sore Fagerfjord, is “the only possibility for a buyer to get a position in the High Arctic and establish a strategic foothold,” Per Kyllingstad, a lawyer representing the sellers, told Bloomberg News.
He touted the sale of the Manhattan-size piece of land, which has been owned for more than a century by Norwegian holding company Aktieselskabet Kulspids, as a “fairly sensitive transaction due to geopolitical considerations.”
Future owners, whether a foreign state, corporations or individuals, have to follow a single restriction regarding the use of the land, namely to be bound to the terms of the 1920 Svalbard Treaty, which recognizes the sovereignty of Norway and forbids military use for “war-like purposes.” The treaty was concluded after the WWI, and more than 40 countries, including the UK, the US, China, and Russia, have signed it.
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