AXA Investment Managers - Real Assets has purchased an Oslo mixed-use asset for €45 mln.
The prime retail and office asset Lille Grensen 7 in central Oslo was acquired from Nordea Liv Eiendom. It is destined for AXA IM – Real Assets' Pan-European Value-Added Venture (PEVAV).
'Lille Grensen 7 presents an attractive opportunity within a prime Oslo location to redevelop a core asset, adding value through both a thorough refurbishment and repositioning programme in order to effectively capture pricing appreciation for the benefit of our investors,' said Fredrik Söderlund, senior asset manager Nordics at AXA IM - Real Assets.
The 6,980 m2 mixed-use high street asset currently has a vacancy of 51%. The property is arranged over nine floors comprising 4,000 m2 of offices, 2,000 m2 of retail, and a 750 m2 restaurant.
AXA IM said that Lille Grensen 7’s strong location should draw high demand from both retail and office tenants, with low vacancies in the area.
The acquisition is in line with PEVAV’s value-add investment strategy, which is focused on office, retail and logistics assets in Europe's key real estate markets.
