Tristan Capital Partners' Episo 3 opportunity fund has bought a retail park in southern Norway for €47 mln.
The Stoa Vest park in Arendel, on the E18 highway between Skien and Kristiansand, has 22,500 m2 of retail space which is fully let to high-quality brand tenants, as well as consent for 11,500 m2 of further development. The Coop and Biltema stores are excluded from the transaction.
Arendel is the largest municipality in the county of Aust-Agder, where the population is projected to grow by 25% by 2040.
Daniel Harris, managing director for the Nordics at Tristan, said: 'The park is the dominant shopping location in an economically robust region where retail sales growth has run ahead of Norway's average for the past 10 years and turnover per capital is the second highest in the country.'
Heleba acted as sole lender and arranger on the transaction, while Arnet de Besche provided legal advice to the fund. Commerical advice was provided by Malling & Co Eiendomskapital.
