Areim has acquired its second light industrial property in Oslo, Norway, from landlord Ragde Eiendom for an undisclosed amount.
The property is located on Østre Aker vei 60 in Hovinbyen just outside Oslo city centre with 21,000 m2 of lettable area on a 27,000 m2 land plot. The Hovinbyen area is the largest redevelopment area in Oslo and is expected to add 60,000 new residents and up to approximately 100,000 new workplaces in the coming years.
The property is fully let to a mix of attractive tenants, operating warehouse and storage areas as well as sports facilities. Areim is planning to improve the property’s EPC level and will undertake several energy efficiency measures such as installing solar panels to make it more attractive from a sustainability perspective.
'We are happy to announce the acquisition of our second light industrial investment in Norway. The transaction was made possible in the current market conditions through the good co-operation between all parties. This segment is an important part of our strategy and as our portfolio in the capital region continues to grow, we look forward to taking further advantage of the growing demand for central locations as well as increasing the overall attractiveness of the property for our tenants going forward,' said Petter Falck, head of Areim Norway.
Last year, Areim marked its first acquisition in Norway when acquiring Rolf Olsens vei 30-32 in Lillestrøm. The property is 5,700 m2 on a 40,000 m2 land plot and has significant development potential over time.
With the acquisition on Østre Aker vei 60, Areim’s Nordic light industrial portfolio includes nearly 70 properties of 328,000 m2 lettable area. The portfolio also includes a substantial development potential in terms of undeveloped building rights.
