Norway's Storebrand buys Arcus HQ near Oslo

Norway's largest all-equity financed property fund, Storebrand Eiendomsfond Norge, has purchased a mixed-use industrial faciilty just outside Oslo from Canica Eiendom for NOK 1.7 bn (€177 mln).

Destilleriveien 11 is a modern office, warehouse and production facility at Gjelleråsen, comprising 51,500 m2 of building space on a 139,900 m2 freehold site.

The asset is let on a 25-year, triple-net contract to Arcus, with around 19 years remaining, generating an annual income of NOK 80.1 mln. Arcus moved into the facility at Gjelleråsen in 2012 on its completion.

With the Arcus acquisition, the Storebrand fund holds assets exceeding NOK 12 bn. Focused on the institutional market, its investors are mostly pension funds and trusts.

Canica Eiendom is owned by one of Norway’s largest, privately-owned investment companies, Canica, controlled by Stein Erik Hagen.

Norwegian property broker Akershus Eiendom advised on the sale. Since, 2001 Akershus Eiendom has been JLL’s affiliated partner in Norway.


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