Madison International Realty has made its first foray into the Nordic market with the acquisition of a 35% equity stake in the Statoil complex in Oslo, Norway, for NOK 392 mln (€53 mln).
Madison International Realty has made its first foray into the Nordic market with the acquisition of a 35% equity stake in the Statoil complex in Oslo, Norway, for NOK 392 mln (€53 mln).
New York-based Madison said the deal - Norway's second-largest single-asset transaction in 2012 - was first signed in December and closed this month.
The asset was sold by IT Fornebu (ITF), a Norwegian Public Limited Company which owned the entirety of the building.
Investment bank Arctic Securities arranged the sale process after having obtained exclusivity as buy side advisor from ITF in the beginning of December 2012. Arctic also raised the equity and secured bond financing in order to sign an unconditional sale and purchase agreement before year-end 2012.
The nine-storey Class A office building provides 65,770 m2 of space and 846 parking spaces in the Fornebu sub-market of Oslo. The property is 100% with a 15-year rental agreement to energy group Statoil.
In a statement, Madison said it is making the purchase in joint venture with other Norwegian investors.
'Madison is an ideal partner for owners and developers seeking to monetize equity embedded in their assets,' commented Derek Jacobson, managing director at Madison International Realty in New York. 'As real estate fundamentals in core markets continue to improve, owners, especially developers seek creative ways to extract capital from their existing portfolios in order to pursue other opportunities.'
US-based group Madison came into the spotlight last year with the acquisition of the 56.9% stake held by Morgan Stanley's P2 Value fund in the Trianon office tower in Frankfurt. The sale was part of the liquidation of the P2 Value fund.
