Norwegian real estate services company Base Gruppen has divested a prime newbuild office property in Stavanger, Norway, for NOK 1.1 bn (€96.5 mln).
The buyer is the Norwegian financial services company Storebrand.
The property has a total gross lettable area of 15,330 m2, with a Weighted Average Unexpired Lease Term of 12 years.
The building is designed by Schmidt Hammer Lassen and constructed by Skanska.
Alfred Ydstebø, CEO of Base, said: ‘It has been important for us to complete the project before we considered a sale or partnership. With the agreement now made, we have the opportunity to do so – in Storebrand, we have found an owner who is concerned with urban development, and stands for long-term stability, and security for tenants, visitors, and the public at large. ‘
Portfolio manager Linn Idsø Brenne at Storebrand Livsforsikring added: ‘We are impressed by Base’s ability to execute such a complex project as K8. We are therefore very pleased to have finalized the purchase of the building on behalf of our life insurance customers. Becoming the owner of a building that is to be certified as BREEAM Excellent, and possibly Outstanding, as well as Well Platinum, is a great achievement for us.’
Colliers and CMS Kluge advised Base Gruppen in their disposal of K8, while Thommessen legally advised Storebrand.
