Global real estate investment manager CBRE Investors has acquired a retail asset in the centre of Oslo on behalf of its Pan-European Core Fund (PEC). The financial details were not disclosed.
Global real estate investment manager CBRE Investors has acquired a retail asset in the centre of Oslo on behalf of its Pan-European Core Fund (PEC). The financial details were not disclosed.
The high-street asset is located on Bogstadveien, one of Oslo's key retail locations, and offers 5,000 m2 of retail space which has recently undergone a major refurbishment. H&M occupies 4,500 m2 of space on a 30-year lease. The remaining 500 m2 of the building provides refurbished office space with views across the city.
The deal was financed by 50% debt provided by Skandinaviska Enskilda Banken (SEB).
'The Nordic retail sector was identified as an area with strong fundamentals following research by CBRE Investors and with limited Grade A stock available we anticipate strong rental growth driven by a strong Norwegian consumer and increasing retailer demand,' said Richard Everett, managing principal of the fund.
CBRE Investors was advised by JLL and CBRE Norway. Bugge Arentz-Hansen & Rasmussen and Ashurst provided legal advice.
