Valad has sold Tevlingveien 23, an office and retail mixed-use property in Oslo, to Wenaas Eiendom AS, a wholly-owned subsidiary of Wenaasgruppen. The buyer is developing a hotel on the site adjacent to the property.

The 24,277-square-metre property had been held in Valad’s DUKE joint venture. In the four-year period that Valad owned the building, the firm reduced the property’s vacancy rate from 16 percent to 4 percent and secured a new anchor retail tenant, JYSK.

“Having now completed the business plan and found a suitable purchaser with a vested interest in the location, it was an appropriate time to trade the asset in the best interests of our investors,” says Michael Bruhn, Valad’s Nordic head.