Norway’s largest pension fund KLP has acquired the Stortorvet 7 office building in the centre of Oslo from developer Schage for a gross property value of over €222 mln.
The deal, which was brokered by Colliers, marks the largest single-asset transaction in Norway since 2020, according to Schage.
Stortorvet 7 comprises 32,700 m2 and consists of five historic buildings that have been linked and transformed into one large modern office and retail complex spanning 12 floors. The office section takes up two-thirds of the building.
The award-winning property functions as a central hub between Karl Johans gate, Nedre Slottsgate, and Grensen. It holds a BREEAM-NOR Very Good environmental certification and is leased to 10 tenants with a remaining lease term of approximately 12 years. Major office tenants include EY, Spaces, and Huddly, while tenants in the retail premises include H&M, IKEA, and Reitan Convenience.
‘We are very pleased to have completed Schage's largest single-property transaction ever,’ commented Matilda Vinje, CEO of Schage. ‘Over the course of 12 years, Schage has owned and developed this 32,700 square meter property, which holds significant architectural and historical value for Oslo.’
She added: ‘We are proud of the urban development initiative, which involves both expansion and modernization of the building. We have experienced fantastic interest in the property and received a large number of bids after Colliers initiated the process in November.
‘Ultimately, we chose KLP, which we are very happy about. Long-term commitment has always been an important prerequisite for us, and the property deserves solid and responsible owners like KLP.’
‘Stortorvet 7 will become one of KLP's largest and most magnificent properties,’ said Gunnar Gjørtz, CEO of KLP. ‘The building fits us perfectly and strengthens our property portfolio. Stortorvet 7 is the largest purchase of a single property KLP has ever made and aligns perfectly with our strategy.’
In February, Schage Eiendom received the City Prize for the contribution of the Stortorvet 7 project to urban development in Oslo.
The City Prize is awarded annually to a new construction or renovation project that has significantly contributed to better buildings and cities.
