EUROPE – Nordic property advisor Catella is to close its Oslo office because it is "not satisfied" with earnings.
Both in 2012 and in the first half of 2013, the Norwegian operations of the Swedish consultancy reported losses before tax, while sales made up approximately 1% of the company's total business.
Anders Palmgren, head of corporate finance operations, said: "We are not satisfied with the performance of the operations in Norway and have therefore taken the decision to close them."
A spokeswoman for Catella confirmed to IPE that the weak earnings trend in Norway had started after the financial crisis.
"We have not managed to penetrate the Norwegian market in a satisfactory way," she added.
However, Palmgren stressed Catella would stay committed to Norway, which "certainly remains an important market" for the company.
But the spokeswoman noted that how the company would serve the Norwegian market going forward was "yet to be decided".
Operations in Norway are to be wound up by year-end, with "ongoing projects to be continued as planned" and completed before 31 December.
The advisory had started its business in Oslo in 2004, and the current team of seven has worked there since 2011.
They have been given notice, Catella confirmed.
Catella offers property advisory services in 11 European countries.