A long-life core-plus fund managed by Tristan Capital Partners has bought an office building in the capital of Norway for €122m.
CCP 5 LL has bought 31,000sqmoffice property in Helsfyr, Oslo’s eastern business district from a Starwood Capital Group fund. The building was constructed in 2010 and is fully occupied by 18 tenants.
Anvil Asset Advisors, a local operating partner, will co-invest alongside Tristan.
Anne-Jan Jager, a director at Tristan Capital Partners, said: “The Norwegian economy is experiencing a strong economic recovery following a brief downturn in the oil and gas sector. We believe that positive macro developments will continue to increase office tenant demand for already very limited Grade A office space and drive strong rental growth in Oslo’s CBD.
”Our plan now is to execute on several value creation initiatives, some of which have already been executed during due diligence.”