An opportunity fund advised by Tristan Capital Partners has acquired Oslo's former Telegraph building for NOK 557 mln (€62 mln).
'This remarkable building presents a rare opportunity to deliver modern Grade A office space in one of the most desirable parts of Oslo,' commented Daniel Harris, managing director for the Nordic and CEE Regions at Tristan Capital Partners. 'We are very aware of its architectural and historical significance and will be working closely with the respective authorities to ensure that the redevelopment respects the integrity of this Oslo landmark.'
Purchased by European Property Investors Special Opportunities 4 (EPISO 4), the 25,000 m2 asset stands at Kongens Gate 21. The 1924-built structure occupies an entire block of the Kvadraturen district, near the Norwegian Parliament.
The vendor was telecoms firm Telenor Group. Co-investing in the office city development project are the Malling and Vedal families.
Telenor has occupied the property since it opened and will lease around 2,100 m2 for its telecommunications installations. The remainder of the building is vacant. Vedal will manage the development and renovation and Malling the leasing of 25,000 m2 of new office and retail space.
Advising EPISO 4 on the purchase were Malling & Co, which has partnered with other Tristan funds on their Norwegian investments. Helaba acted as sole lender and arranger on the transaction.
