Madison International Realty is buying 38,000sqm of commercial assets in a Norwegian urban project.

The $3.6bn (€3.12bn) manager said it is acquiring the ground-level assets in the Bjørvika development for an undisclosed sum.

The Bjørvika development is composed of six development stages – Sørenga, Sørengkaia, Munch Brygge, Barcode, Bispevika North and Bispevika South.

Madison has acquired Sørenga, Sørengkaia and the associated parking facilities at Sørenga, as well as entered into an agreement to acquire Munch Brygge.

Oslo S Utvikling, the developer of most of the assets, has accepted a bid from Madison for the ground-level commercial assets in Barcode and the northern part of Bispevika.

Bjørvika is expected to become Oslo’s new cultural district with several of Norway’s cultural institutions such as the Norwegian National Opera & Ballet, the new Munch Museum and the new Deichmanske Public Library.