RSV Invest sells Oslo portfolio to Carucel for €140m

The buyer is Carucel Eiendom, a Norwegian property investor.

The portfolio provides 15,000 m2 of gross rental area and is almost fully let. It consists of 240 apartments, 19 commercial units and one office building located around Olav Ryes Plass on Grünerløkka in Oslo City Centre and in Oslo West. The transaction also includes an organization of six full-time employees, as well as two part-time employees.
 
‘We are very pleased to leave the portfolio we have built up, developed and operated for more than 20 years to a buyer of Carucel's caliber. This is a very attractive portfolio with apartment buildings concentrated in central Oslo, so it is no secret that there has been considerable competition and interest,’ said Sander Forbes Rolfsen, board member of RSV Invest.
 
Rare opportunity
‘This portfolio is a rare opportunity that fits well into our portfolio. We continue to invest long term in line with our strategy and increase our foothold in central Oslo. We are looking forward to get this acquisition in place with an organization that know the portfolio well,’ added Carl Erik Krefting, chairman of the Board of Carucel Eiendom.
 
Rental levels and house prices in Oslo and on Grünerløkka are expected to continue to rise over the next few years as a result of low supply growth in the housing market. This has also limited the supply of large portfolios with attractive rental properties with central locations.
 
One property a year
RSV Invest is owned by the three families Rolfsen, Strand and Vigeland who have built up and developed the portfolio since its inception in 1997. The company has invested in about one new property a year, and managed both apartments and commercial premises for more than two decades.
 
Pangea Property Partners acted as financial advisor and Advokatfirmaet Wiersholm legal advisor for RSV Invest. Malling & Co Property Partners has been the facilitator and the law firm Thommessen legal advisor for Carucel Eiendom.