Norwegian investor Entra has sold its property portfolio in Kristiansand to Swedish property company Samhällsbyggnadsbolaget i Norden for NOK 863 mln (€95 mln).
The portfolio comprises seven properties covering around 45,000 m2. According to Entra, the sales price represents a premium of 23% compared to the book price as of the end of September 2016.
Entra said that the divestment of the Kristiansand portfolio was in line with its strategy to focus on centrally located office buildings in the four largest cities in Norway. After the sale, it said that its non-core divestment programme would be complete, leaving its portfolio concentrated in or around Oslo, Bergen, Trondheim and Stavanger.
The deal is structured as the sale of four property companies owning the assets at Tordenskioldsgate 65, Tordenskioldsgate 67, St. Hansgate 1, Lømslandsvei 24, Lømslandsvei 6, Kongsgård Allé 20 and Vestre Strandgate 21.
The transaction is subject to Samhällsbyggnadsbolaget i Norden, which is currently in the process of being listed on Nasdaq First North, obtaining satisfactory debt financing.
Closing is expected by the end of March 2017, for all properties except the school building under construction in Kongsgård Allé 20, which is expected to close on delivery, around June 2018.
