New York based Madison International has bought a 59.5% stake in Statoil’s Oslo office complex for €85 mln.
New York based Madison International has bought a 59.5% stake in Statoil’s Oslo office complex for €85 mln.
The deal takes Madison’s total stake to nearly 95%, following its original 35% equity stake in 2012.
The vendors in the new deal were Norwegian PLC Koksa (30%) and a number of individual investors (the remaining 29.5%).
The 65,768 m2, nine-story building in Fornebu, west Oslo, is let to Statoil on a 15 year lease.
'We are delighted that through this transaction we have released significant funds in order to develop our company's other real estate at Fornebu,' said Koksa MD Kjell Kalland.
Derek Jacobson, MD at Madison International, said the deal was, 'a significant transaction for Madison as it has allowed us to acquire majority ownership of one of Oslo’s most iconic office buildings'.
He added that it is, 'in a core market that is well positioned to benefit from the strong Norwegian real estate market.'
