Europe

Madison sells Oslo office complex

Madison International Realty, a New York based investment company, has sold a 721,000 sq ft Statoil office complex in Oslo, Norway, for €419m (£355m) to local investors, advised by Arctic Securities.

The price represented a 5.4% yield. The nine-storey building is let to oil and gas company Statoil until 2027. Madison was advised by JLL.

Derek Jacobson, managing director at Madison International Realty, said: “We believe the success of our investment validates our strategy of buying interests in quality assets and portfolios. We remain focused on Norway and look forward to future opportunities in the market.”

Mads H. Syversen, CEO at Arctic Securities, said: “Arctic Securities has arranged a solid and highly professional ownership structure for the Statoil building at Fornebu, a well-established office and residential area with exciting future prospects.”

Madison International Realty: Taking the stage

Other News

Here’s looking at YOO

“Waking up worrying in the middle of the night, feeling like the sky is falling on your head, is a sensation most successful people have… Read more »

E Europe

CC Land’s next big play

When Dickie Wong is in London his phone doesn’t stop ringing. The CC Land deputy chairman, who led the £1.15bn acquisition of the Cheesegrater, EC3,… Read more »

E Europe

New ULI president Chris Choa puts focus on connectivity

“Connectivity is destiny.” It sounds more like the tagline of an epic Hollywood film trailer than the mantra of the Urban Land Institute’s new UK president. But… Read more »

E Europe