CCP 5 LL, the long-life core-plus fund advised by Tristan Capital Partners, has acquired off-market a landmark Grade A office building in Helsfyr, Oslo’s emerging eastern business district, for approximately €122 mln from a fund managed by Starwood Capital Group.
'The Norwegian economy is experiencing a strong economic recovery following a brief downturn in the oil and gas sector,' said Anne-Jan Jager, director at Tristan Capital Partners.
'We believe that positive macro developments will continue to increase office tenant demand for already very limited Grade A office space and drive strong rental growth in Oslo’s CBD. Our plan now is to execute on several value creation initiatives, some of which have already been executed during due diligence.'
The 31,000 m2 office property is located at the intersection of Oslo’s two major highways and near strong public transport links. The Helsfyr submarket is undergoing a rapid mixed-use transformation and has seen over 75,000 m2 of public tenant leases signed in the last two years.
The building was constructed in 2010 and is fully occupied by 18 tenants. Tristan will partner with Anvil Asset Advisors, a local operator with which Tristan has collaborated on several projects in the Norwegian market and who previously managed the asset for Starwood Capital Group. Anvil will co-invest alongside Tristan.
Tristan Capital was advised by CBRE, Thommessen and OPAK.
Pangea Property Partners advised Starwood.
