Oslo Pensjonsforsikring (OPF) is buying a Norwegian industrial asset.

The investor is investing in Herøya Industripark, a large industrial facility on the southern Norwegian coast.

Although the NOK78bn (€8bn) Norwegian local public sector pension fund did not say how much it paid for the asset, it said the seller – aluminium and hydroelectric power company Norsk Hydro – was expected to make a book gain of approximately NOK350m from the deal.

Norsk Hydro is selling the industrial park because, over the years, it has shed many of its business sectors and has no remaining production facilities at Herøya, once its biggest production site.

There are now around 80 companies operating at the site, with 2,500 staff.

Kjetil Houg, investment director at OPF, said: “Herøya Industripark is a good addition to our portfolio and we look forward to taking part in the ownership and development of one of the core areas for the onshore processing industry in Norway.”

Norsk Hydro said it had been in talks with several bidders for the industrial park since June last year.

The park will be operated and developed by a property management firm to be created using the 16 Norsk Hydro staff directly affected by the sale.

The new company will then work with OPF, as well as other owners who have experience managing and developing industrial and business parks in Norway, OPF said.

Norwegian real estate company FG Eiendom will also have a central role as a partner of the property management company, it said.