UK investor 90 North Real Estate Partners and Dubai-based advisory firm Arzan Wealth have completed the acquisition of a new office building in Stavanger, Norway's oil and gas capital, for €32 mln.
UK investor 90 North Real Estate Partners and Dubai-based advisory firm Arzan Wealth have completed the acquisition of a new office building in Stavanger, Norway's oil and gas capital, for €32 mln.
Centrica Energy's office building was bought on behalf of clients from vendor, the Norwegian conglomerate Det Norske Veritas.
Designed to Energy class A and BREEAM ‘Very Good’ standard, the brand-new scheme provides 10,358 m2 of space and 143 parking spaces.
The property is fully let to Centrica Energy Norway, a division of international energy Group Centrica, for a 10-year term. DLA Piper was the Legal Counsel of the purchaser. Spark Europe was advising the purchaser.
'We are delighted with our second acquisition in Norway, our second within one year. Amongst other factors, the solid macroeconomic conditions, the size of its sovereign wealth fund and low funding costs in Norway have all led to commercial real estate in the country being an attractive proposition for international investors,' said Cherine Aboulzelof, partner and head of Continental Europe at 90 North.
The acquisitions lifts the total volume for European deals that 90 North has advised on this year to over €200 mln, added Nick Judd, founder & head of Investment at 90 North.
