Madison International Realty has sold an Oslo office scheme for NOK3.9bn (€419m).

The New York-based company completed the sale of the Statoil office complex to a club of local investors established by Arctic Securities.

The deal reflected a 5.4% cap rate.

The 65,768sqm property, in the Fornebu district of the Norwegian capital, is fully let to energy company Statoil.

Derek Jacobson, managing director at Madison International, said the company remained focused on Norway.   

Madison International increased its interest in the asset from 35% to 90% for NOK680m in 2014.

A 30% equity stake was bought from Norway-based Koksa and a 29.5% interest from individual investors.

The private equity firm recently took a stake in shopping-centre specialist Sonae Sierra’s Portugal fund.