Norwegian real estate company Selvaag Eiendom has sold its prime office scheme at Tjuvholmen in Oslo's CBD for NOK 773 mln (€86 mln) to Norwegian pension fund KLP Eiendom.
The Renzo Piano-designed building is fully let to tier 1 Norwegian law firm BA-HR on a 15 year lease. The asset comprises 7,000 m2 of office space and generates an annual gross rental income of NOK 28 mln (€3.1 mln).
'The disposal is part of our offensive strategy to optimise our portfolio and invest in properties with development potential and higher returns,' commented Frederik Selvaag, Selvaag's CEO.
The Tjuvholmen area is a new urban district developed in partnership between the property developers Selvaag and Aspelin Ramm which was completed in 2014, the year it won the Urban Land Institute's Global Award for Excellence.
Gunnar Gjørtz, CEO at KLP added that they had 'acquired a highly profiled office building with excellent architectural features and location in Oslo prime CBD'. He said: 'Combined with a highly reputable tenant on a long lease, this convinced KLP to go far in the fierce competition for the asset.'
Selvaag was advised by Akershus Eiendom.
