Meyer Bergman’s second value-add real estate fund has sold a mixed-use asset in Norway’s capital to Canica Eiendom for an undisclosed sum.
Meyer Bergman European Retail Partners II made its first investment in Norway in late 2014, buying the 6,500sqm Grensen 17 building in central Oslo from a Madison International Realty joint venture in a €30m deal.
The private investment manager said it has sold the mixed-use building, following refurbishment, to the Norwegian real estate investment company.
Fredrik Kumlin, Meyer Bergman’s managing director for the Nordic Region, said: “Grensen 17 was the first investment by our funds in central Oslo and was the forerunner to our purchase of the Promenaden portfolio, just over a year later.
“Oslo enjoys strong fundamentals as one of Europe’s wealthiest and fastest-growing capitals, so there is a lot of demand from brands looking to open there. We successfully repositioned this property and felt it was the right time to crystallise the returns for our investors.”