Entra and Aberdeen agree to €200m property swap

Entra and Aberdeen Eiendomsfond Norge I have entered into a property swap transaction where Entra will buy the property St. Olavs plass 5 in Oslo for NOK 850 million ($99.26 million) and sell the properties Tollbugata 1, Pilestredet 19-21 and Pilestredet 28 to Aberdeen for NOK 1.1 billion ($130 million).

St. Olavs plass 5 is a 16,530-square-meter (177,927-square-foot) property, which is currently fully let to the Oslo University, Faculty of Law (UiO). The tenant will in December 2019 move to a new-build project in Tullinkvartalet, which is under development by Entra. As part of UiO signing the 25-year lease contract in Tullinkvartalet, Entra took over the rental obligation toward Aberdeen for the Faculty of Law’s remaining six years’ lease contract in St. Olavs plass 5, which will now be eliminated.

This transaction is strategically important as it adds a significant property to Entra’s property cluster around the Tullin quarter. Through the development of the ne