Madison International Realty has bought a further 59.5% stake in the Statoil office complex in Norway for NKr680m (£67m).
The New York-based investment company acquired its original 35% equity stake in the Oslo building in 2012, which was the second-largest single asset transaction in the Norwegian market that year.
Madison’s further 59.5% interest comprises a 30% equity stake bought from Koksa, a Norwegian company formerly known as IT Fornebu, and a 29.5% stake purchased from various individual investors.
This brings Madison’s total equity stake in the asset to more than 90%.
The 721,000 sq ft, nine-storey, class A building is let entirely to Statoil ASA, a leading energy and gas production company, on a 15-year lease.
Located in Oslo’s Fornebu sub-market, the asset is well placed to benefit from its proximity to the corporate headquarters of a number of other domestic and international blue-chip companies.
Madison MD Derek Jacobson said: “This is a significant transaction for Madison as it has allowed us to acquire majority ownership of one of Oslo’s most iconic office buildings by providing an exit strategy for existing investors.
“The Statoil office complex is a prime, well-located and well-let asset in a core market that is well positioned to benefit from the strong Norwegian real estate market.”
Koksa MD Kjell Kalland said: “We are pleased that our stake in Statoil’s Fornebu building has been acquired by Madison, whom we recognise to be a very serious investor.
“We are delighted that, through this transaction, we have released significant funds in order to develop our company’s other real estate at Fornebu.”
The transaction was facilitated by legal counsel Line Ravlo-Losvik at Wikborg Rein and arranged by Arctic Securities ASA (Arctic).
JLL and Akershus advised the buyer.
bridget.o’connell@estatesgazette.com
