DNB Livsforsikring is selling a NOK5bn (€524m) central Oslo office asset.
The Norwegian life insurer is selling its Oslo City asset to an Entra and Steen & Strøm led-consortium.
The 80,535sqm asset, near Oslo’s central station, is due for redevelopment.
DNB has owned the property since 1994.
Tom Rathke, group executive vice-president at DNB, said: “Developing, purchasing and selling properties is an integral part of being a large player in the property market, and we are prepared to purchase and sell other properties to further develop our property portfolio.”
The company has reduced its property portfolio through sales in recent years due mainly to “good transaction opportunities”.
“In turn, this has given us the chance to realise strong gains for our pension customers,” Rathke said.
In March, DNB sold 58,000sqm of real estate surrounding football stadium Ullevaal Stadion to Norway’s Oslo Pensjonsforsikring.
