A syndicate structured by Arctic Securities has acquired the landmark Telegrafen building in Oslo, Norway for €210 mln from EPISO 4, an opportunity fund advised by Tristan Capital Partners.
The deal was closed following an extensive renovation of the 25,500 m2 building, which is situated in the Kvadraturen district of the Norwegian capital.
Tristan reported that the deal marked one of the largest single real estate transactions in Norway.
Halvor Sand, commenting on behalf of Tristan Capital Partners, said: 'When we acquired the asset with our joint venture partners, Malling and Vedal, our plan was to reposition this iconic building as a dynamic work and leisure destination in the heart of Oslo.
'Today, Kongens Gate 21 celebrates its cultural and historic importance by showcasing its existing buildings within a modern, multi-use venue with great sustainability credentials.'
The historic Telegrafen Building was acquired in 2016 by the EPISO 4 fund with co-investment from the Malling and Vedal families. Following the acquisiton, the building underwent extensive renovation work to create modern Grade A office space in central Oslo, with over 3,200 m2 of food and beverage offerings on the ground floor.
In 2020, the refurbishment of Telegrafen was awarded the ‘Very Good’ Breeam rating in recognition of its focus on sustainability in design and operation. The site is currently home to 900 office workers from businesses including Norconsult, Bane Nor and Nordic Office of Architecture.
EPISO 4 was advised by Malling & Co, Savills London and Thommessen on the sale. Anvil Asset Advisors acted as asset manager for the joint venture.
