Norwegian property company Fabritis Gruppen has purchased the Onninen distribution warehouse in Oslo for NOK 548 mln (€56 mln) from Bjorgen Property Investment Holdings.
90 North Real Estate Partners advised on the sale of the 25,000 m2 property, which consists of two buildings providing office and warehouse space. It was constructed in 2010 for multinational firm Onninen, one of the largest electrical wholesale distributors in Scandinavia. The property is 100% leased to Onninen and acts as its Norwegian headquarters.
'We know this property and its tenant very well. The site is adjacent to our project at Berger where we have a 13,800 m2 warehouse under construction which is due to complete in the 2nd quarter of 2018,' commented Fabritius CEO Asgeir Solheim. 'Our acquisition of the Onninen headquarters means we now own approximately 200,000 m2 of real estate worth approximately NOK 3.5 bn.'
The property is located at Berger Industrial Park, which has a tenant line-up including DHL, DSV, FedEx, H&M, Heidenreich, Pon-Cat, Ruuki and Norwegian Post.
'This transaction represents 90 North’s first exit for the Continental European portfolio we advise on,' commented Lisa Amin, senior investment manager at 90 North. 'We will continue to focus on maximising the value of the current investment portfolio and on introducing new investment opportunities to our investors. In particular, 90 North will continue to pursue opportunities in Norway.'
This is the second exit 90 North has achieved in 2017 following the exit of Siemens gas turbine HQ in Lincoln, UK.
Malling & Co and Arzan Wealth (DIFC) advised Bjorgen. DLA Piper acted as legal advisor.
