Norwegian real estate company Eiendomsspar has put a group of prime office buildings in Oslo's central business district up for sale.
Dubbed Project Titan, the waterfront complex comprises around 15,000 m2 of multi-tenant office space and is located on Tjuvholmen in what is widely regarded as the most exclusive business area of the Norwegian capital.
Eiendomsspar acquired the fully let complex, formally known as Tjuvholmen Allé 1-5, from Aberdeen Asset Management in 2011 for NOK 875 mln (approx. €83 mln).
Pangea Property Partners, which occupies part (15%) of the property, is advising Eiendomsspar on the sale. Other tenants include law firm Selmer (61%), WeWork (19%) and BearingPoint (5%). The leases have a remaining WAULT of about six years. The building is expected to generate a gross rental income of NOK 66 mln in 2021.
The complex was designed by renowned architect Niels Torp and completed in 2008. Several office floors underwent full refurbishment in 2017-2019, in addition to parts of the common area and entrance area. The transaction covers nine above-ground floors and 20 indoor parking spaces. The ground-floor restaurants and art gallery are not included in the sale.
