Tristan Capital Partners's Episo 3 opportunity fund is acquiring five retail parks and four development sites in Norway for NOK 1.2 bn (€136 mln).
Tristan Capital Partners's Episo 3 opportunity fund is acquiring five retail parks and four development sites in Norway for NOK 1.2 bn (€136 mln).
Episo 3 carried out the transaction in a joint venture with local operating partners FG Eiendom and Malling & Co Eiendomskapital.
The portfolio comprises 92,300 m2 of retail warehouse space located at parks in five locations across Norway. The development sites are all in the southeast region of the country, with the largest plot offering the potential to develop 39,000 m2 of retail warehousing in Skien.
The assets were sold by the property arm of Coop Norge, Norway’s second-largest grocery chain and a home improvement retailer.
'This portfolio of well-located and modern retail parks generates an attractive income from a roster of well-established tenants, while offering potential to add value,' said Daniel Harris, managing director for Investments at Tristan Capital Partners. 'The (Episo 3) fund gains immediate scale in the Norwegian retail warehousing market through this purchase, with scope to make the assets more appealing to prospective institutional owners.'
Malling & Co Eiendomskapital advised Episo 3 and Pangea supported Coop Norge.
