SBB makes €474m purchase in Norway

Swedish real estate company SBB Nordic AB has acquired the headquarters of DNB Bank in Oslo for €474 million ($516 million). The seller was Meteva AS.

“Our position in Norway is strengthened by our largest acquisition this far,” said Ilija Batljan, SBB CEO. “The property is of strategic importance with a fantastic location in central Oslo with a stable tenant [and] a long lease. This acquisition means that we’ll keep investing in central Norwegian social properties.”

The office building has a total leasable area of 527,000 square feet. The 18-story building was built in 2012 and is located in Oslo’s Bjørvika business districts, close to the Central Station. The property is the middle one of three properties that together accommodate DNB Bank’s headquarters. Tenant DNB Bank is the biggest bank in Norway, and the remaining lease term is 10.3 years.

In 2016, the overall Nordic market ended with a total investment volume of €40.5 billion ($44 bill