Norwegian Property has agreed to sell three office properties on an industrial estate in Oslo for a total value of NOK 2,529 mln (€271 mln).
The properties at Skøyen, comprising Verkstedveien 1, Verkstedveien 3 and Drammensveien 134, are being acquired by Norwegian listed real estate investor Entra.
Norwegian Property said the assets generated a net rental income of NOK 76.4 mln in 2015, equivalent to a 3% yield. The buildings span 61,000 m2, including 43,000 m2 of office space.
Norwegian Property said the sale was in line with its strategy of active portfolio management and underpinned the values of its property portfolio. The transaction is due to be completed on 1 September, subject to approval from the Norwegian Competition Authority.
The purchase prive was 5.9% higher than the most recent valuation for the property as of end-Q1 2016.
Pangea Property Partners advised Norwegian Property on the transaction.
Norwegian Property is a listed office property company with 37 assets located in the Oslo area and Stavanger, with a total fair value of NOK 16.4 bn. Its portfolio mainly consists of office premises, associated warehousing and car parking, and retail and catering space.
