U.S. investor sells Norway office for $465m
Madison International Realty has completed the sale of the Statoil office complex in Oslo, Norway, for NOK 3.9 billion ($465 million) to a club of local investors established by Arctic Securities.
The acquisition is one of the largest transactions in the Norwegian market this year. Per the terms of the transaction, Arctic Securities will also assume the existing NOK 2.24 billion ($270 million) bond.
The seller was advised by Akershus Eiendom and JLL.
The 721,000-square-foot, nine-story class A asset is let 100 percent to Statoil ASA, an energy and gas production company, until 2027..
Norwegian offices remain a top target for investors due to favorable financing conditions and low interest rates, according to Cushman & Wakefield’s Office Market Snapshot First Quarter 2016. However, banks are beginning to tighten their lending policy. Volumes in the first quarter of the year, while understandably down on the subst