Meyer Bergman has made its first investment in Norway, buying a central Oslo property from a Madison International Realty joint venture.

The private investment manager bought the mixed-use building for its value-added European Retail Partners II fund.

The 6,500 sqm property, on Oslo’s Grensen street, includes office and retail space.

The €30m deal will be followed by similar deals in the Norwegian capital, according to acquisitions associate, Fredrik Kumlin.

Madison sold the asset just over a year after it agreed a joint venture with Søylen Eiendom to co-invest in a portfolio of nine Oslo retail properties.

Meyer Bergman’s purchase follows the €87.6m purchase of a shopping centre in the Czech Republic from GE and Heitman.

The MBERP II fund raised €750m of equity this year, with a final close in September.

Meyer Bergman is co-investing up to 2% in the fund, which has a projected 18% net IRR.

As reported in May, the New Jersey Division of Investment and the Virginia Retirement System were investing in the fund, with the former considering a $50m (€36.8m) commitment and Virginia having committed €60m.

More recently, the strategy received a commitment from the California State Teachers’ Retirement System (CalSTRS).

In addition to the Nordics, the fund is investing in the UK, Germany, France and Poland, buying assets in the €30m-300m range.