Avignon Capital, a European property investment company, and its Norwegian partner Clarksons Platou Real Estate, have sold a prime office building in Oslo for €61 mln to Malling & Co Eiendomsond AS, a pure-equity fund, in an off-market transaction.

avignon capitla veien 27 low

Avignon Capitla Veien 27 Low

Acquired in 2014, Avignon Capital identified the asset - Østensjøveien 27 - as an opportunity to purchase a high-quality environmental impact building in a growth area of Oslo. The property has provided consistent returns to investors alongside sustained capital growth, Avignon Capital said in a press release. Following the sale the return on equity came to 87%.

Commenting on the sale, Doug Burton-Cantley, director of asset management at Avignon Capital, said the sale of Østensjøveien 27 was further evidence of Avignon’s ability to acquire exceptional properties across Europe. 'We are actively seeking to reinvest this cash in attractive markets and look forward to another year of growth and expansion.'

Østensjøveien 27 comprises 16,766 m2 of high-quality open-plan office accommodation, arranged over six floors, and is located in Helsfy district, close to the city centre of Oslo and near several public transportation hubs.

The building holds a BREEAM 'Excellent' rating and on completion in Q3 2014 was ranked one of the 100 most sustainable office buildings in the world.

The sale of Østensjøveien 27 follows Avignon Capital’s disposal of its Copenhagen prime retail portfolio for €119 mln in January 2017, which provided investors with a 135% return on equity.