Tristan Fund sells Oslo building for circa EUR90m
Tristan Capital Partners’ European Property Investors Special Opportunities Fund (EPISO 3) has sold a mixed-use retail/office building in central Oslo for NOK900 million (circa EUR92 million) to a syndicate of investors structured by Clarksons Platou Real Estate.
The disposal is Tristan’s second sizeable office deal in Oslo in the past six months, following the landmark acquisition of Helsfyr Atrium in October.
The asset at Grensen 5-7, Oslo has a gross lettable area of approximately 14,000 sq m and is located 150 metres from Oslo’s principal shopping street, Karl Johans gate. The area is a sought-after office and retail location with excellent public transport links and a high footfall.
Jean Philippe Blangy, Head of Asset Management at Tristan Capital Partners, says: “We started investing in Norway a decade ago and over that time the market has emerged as an increasingly desirable destination for international capital. We have been particularly active in the Norwegian office sector in recent years, as reflected in this latest disposal in Oslo, where we have re-geared all four current tenants and secured one additional tenant over the past four years.”
Commenting on the investment landscape in Norway, Anne-Jan Jager, Director at Tristan, says: “The Norwegian market has performed well in the past few years, with the office sector in particular being driven by robust demand and constrained supply. From an investment perspective, we still see value in Oslo and continue to proactively seek opportunities in strong locations.”
Tristan Capital Partners has executed 17 transactions valued at over EUR1.4 billion in the Nordics since 2009. Seven of the transactions in Norway have completed since the end of 2015, with a total value above NOK5 billion.
The sale of Grensen 5-7 was brokered by Pangea Property Advisors and Thommessen acting as legal counsel for EPISO 3. Malling & Co Project Finance has acted as the asset manager during the hold period.