8 June, 2016

Largest deal in Norway 2016

Last week, Norwegian Property announced the sale of three major high quality office properties to Entra. Both companies are listed on Oslo Børs. The properties are located in Skøyen, in the western part of central Oslo, and comprises around 61,000 sqm gross area, of which 43,100 sqm modern office premises. The properties are 95% let as of today with a weighted average lease term (WALT) of 6.2 years and an estimated NOI of approximately NOK 123m at closing in September 2016.

Pangea Property Partners was sell-side adviser to Norwegian Property in the transaction. The sales price was slightly above NOK 2.5bn, making it the largest property transaction in Norway 2016. We have also advised on the largest property transaction in the Nordics, Sweden and Denmark this year, by advising on Castellum’s acquisition of Norrporten.

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