Norwegian insurer acquires new HQ for EUR 624m

DnB Liv, the life insurance arm of Norway's largest bank, is acquiring its parent company's new headquarters in Oslo for NOK 4.8 bn (EUR 624 mln). The life insurance unit is partnered in the acquisition by DnB Scandinavian Property Fund.

The three-building complex will comprise 80,000 m² of space in the new Bjørvik district of the Norwegian capital. The complex is scheduled for completion in stages from 2012 to 2014. Some 4,200 DnB staff will work at the scheme.

All the buildings will have a B energy rating, which is in line with DnB's environmental profile.

'We are aiming our investment funds at the best located office and industrial assets. As such, we look at this investment as a rare opportunity,' Tom Rathke, CEO of DNB Liv, said in a statement.

The initial contact was signed between the buyers and vendor in March 2010. A further agreement which was signed on Monday covers the development phase until the delivery of the individual buildings.