Avignon Capital, the European property investment company, and Norwegian partner Clarksons Platou Real Estate have sold a prime Oslo office property.
The partnership sold the 27 Østensjøveien building for €61m, producing an 87% return on equity, to Malling & Co Eiendomsond, an all-equity fund, in an off-market transaction.
Avignon Capital bought the asset in 2014 in what it described as a growth area of the Norwegian capital.
Doug Burton-Cantley, director of asset management at Avignon Capital, said: “We are actively seeking to reinvest this cash in attractive markets and look forward to another year of growth and expansion.”
The 16,766sqm building is in the Helsfy district.
Pål Sandal, partner at Clarksons Platou Real Estate, said: “Over the past three years we have sold 14 projects with a weighted annual return of 79.6%.
“We are therefore pleased that we can continue to deliver high returns to our investors.”
The sale follows the divestment of a Copenhagen prime retail portfolio for €119m last month, which provided a 135% return on equity.