11 January, 2016

Oslo City sold for NOK 5bn

Pangea sell-side adviser in Norway’s largest single asset deal ever

In December last year, DNB Liv announced the divestment of Oslo City. The property is located in central Oslo, adjacent to Oslo central station, with more than 80,000 sqm prime office and retail area, plus parking. The office part represents approximately 33,000 sqm, of which 90% is occupied by public tenants. The retail part has more than 100 stores and restaurants with a 2015 turnover exceeding NOK 1.8bn and an annual footfall above 10m visitors.

Oslo City was acquired by Entra (the office part) and Steen & Strøm (the retail part) for approximately NOK 5bn. Pangea Property Partners was sell-side adviser to DNB Liv in the transaction, being the largest single asset deal ever in Norway. Altogether, Pangea Property Partners advised on around 50 deals in 2015 with an underlying property value close to EUR 7bn.

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