Norwegian real estate firm Entra and Aberdeen Asset Management's Aberdeen property fund Norway I fund have agreed an asset swap in Oslo, Norway worth €200 mln.
The deal sees Entra buy the property St Olavs plass 5 in Oslo (pictured) for NOK 850 mln (€87 mln) and sell the properties Tollbugata 1, Pilestredet 19-21 and Pilestredet 28 to Aberdeen for NOK 1.1 bn (€113 mln).
St Olavs plass 5 is a 16,530 m2 property which is currently fully let to Oslo University's law faculty. The tenant will move in December 2019 to a new-build project in Tullinkvartalet which is under development by Entra.
Closing will take place in two tranches: the sale of Pilestredet 28 is expected to close on 4 January 2019. The sale of Tollbugata 1 and Pilestredet 19-21 and the acquisition of St Olavs plass 5 will close in the fourth quarter of 2019, when the refurbishment project in Tollbugata 1 is finalised.
