Forus Areal, a new Nordic industrial landlord created by Oro and Tjelta Eiendom, has acquired a portfolio of warehouse properties from Tjelta Eiendom for NOK 2 bn (€193 mln).
The deal, which comprises 23 logistics, light industrial and mixed-use assets covering 93,000 m2 of space represents the majority of Tjelta Eiendom's holdings, and is one of the largest ever transactions in Norway's Stavanger region.
Family-owned Tjelta Eiendom dates back to 1986 when Jostein Tjelta started the firm. The Tjelta family will be the largest owner in the new company and six full time employees will continue to work for Forus.
Oslo-headquartered owner-operated Oro, which brokered the deal, will take a minority stake in Forus alongside a number of other Norwegian family offices.
Said Viggo Tjelta, CEO of Tjelta Eiendom: 'We have built up this company over 22 years, so it is clear it is a bit sad to sell it on. It has therefore been important for us to hand over the portfolio to an experienced and professional buyer and partner who has had success with similar portfolios in the past.
'We have found this in Forus Areal and Oro. We do not completely let go of the portfolio - because we will continue on the owner side.'
The portfolio has a diversified tenant mix with around 80 tenants, and the average remaining contract period of five years. The assets enjoy immediate access to main roads and the public transport network.
In addition to the transferred properties, the new company has direct ownership in several plots and housing projects with development potential ranging from 55,000 m2 - 85 000 m2.
'This is a very exciting investment for us and the other in the Stavanger region. We have made several similar investments in the area around Oslo, and the ambition of the newly established Forus Areal is to double the size of the portfolio in the coming years. It is extra gratifying that Tjelta will continue to ensure continuity and significant local competence,' said Anders Brustad-Nilsen, CEO of Oro.
The transaction closed on 30 June.
Pangea Property Partners was the exclusive financial advisor Tjelta Eiendom, while Schjødt was the legal advisor.
Oro was advised on legal matters by Thommessen, and Pangea Debt Advisory as a facilitator of debt capital across three Norwegian banks.
