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.”