The Episo 3 opportunity fund advised by Tristan Capital Partners has acquired a mixed-use building in central Oslo for about NOR 630 mln (€73 mln).
The Episo 3 opportunity fund advised by Tristan Capital Partners has acquired a mixed-use building in central Oslo for about NOR 630 mln (€73 mln).
The property was bought from Nordic fund and investment manager Genesta to gain a toehold in what Tristan’s Daniel Harris described as ‘one of Europe’s most robust economies’.
The building is 150m from Karl Johans gate, Oslo’s main shopping street, and has a gross lettable area of approximately 14,000 m2. Tenants include Finn, Norway’s largest e-commerce company, music streaming service Tidal, and around 3,000 m2 of retail space.
Harris said: ‘This property is an excellent location for both retail and office occupiers in the heart of Oslo - the capital of one of Europe’s most robust economies, with a growing population and low unemployment. Strong demand for office space in Oslo and a limited development pipeline will also underpin future rental growth for the investment.’
Tristan Capital raised over €170 mln of investment from institutions in the initial close of the European Property Investors Special Opportunities 3 fund (Episo 3) in December. It is targeting €750 mln to deploy on value-add investments and distressed opportunities.
To date the bulk of the capital has been invested in Germany, including the Karstadt department store in Munich for an undisclosed amount and a logistics park in Bielefeld for €31 mln earlier this year.
Thommessen provided legal advice to EPISO 3 while BER Byggteknisk Rådgivning advised on technical issues. The transaction was brokered by Malling & Co Eiendomskapital AS, advising Tristan Capital Partners, and Akershus Eiendom on behalf of Genesta.