Icelandic back Glitnir said on Monday it is buying BSA, a property investment manager in Norway and Germany, and will combine it with its own real estate unit. The merged group will have EUR 2.7 bn worth of property under management.
Icelandic back Glitnir said on Monday it is buying BSA, a property investment manager in Norway and Germany, and will combine it with its own real estate unit. The merged group will have EUR 2.7 bn worth of property under management.
Glitnir said it will finance the acquisition by issuing new shares in its real estate arm but the financial details were not disclosed. The transaction is subject to regulatory approval in Iceland and Norway.
BSA is a Norwegian commercial real estate investment management with offices in Oslo and Frankfurt. In the last five years, BSA has managed property investment companies that have made EUR 3.5 bn worth of deals. The company currently has EUR 500 mln in property under management, including properties in Norway, Sweden, Finland and Germany. In 2007, BSA successfully launched the investment fund Prime Office Germany, raising EUR 200 mln in the largest Norwegian commercial real estate share issue ever. The proceeds will be used to purchase up to EUR 800 mln of office properties in Germany.
Last year, BSA established BSA Berlin, a property investment fund that offers investors exposure to the real estate market in the centre of the city. After the completion of the investments on behalf of BSA Berlin and Prime Office Germany, BSA will manage commercial real estate with a total value of EUR 1.4 bn.
