MARK Capital Management has secured a €320 million ($364 million) senior loan to refinance a mixed-use retail and office portfolio in Oslo’s central business district.
The investment facility was provided by Blackstone Real Estate Debt Strategies (BREDS) on a five-year term following lender outreach by Rothschild & Co and ABG. The transaction marks Blackstone’s first real estate debt financing in Norway and is understood to be the largest single-tranche refinancing of a real estate portfolio to have been completed in the country.
The portfolio, which comprises 12 properties, was acquired by a MARK-advised fund in 2016 and is held in joint venture with a Middle Eastern institutional investor. The properties are managed by Promenaden, an Oslo-based entity wholly owned by the MARK-advised fund.
Notable assets include Steen & Strøm, the world’s oldest continuously operational department store, which opened its doors in 1797. The department store in
