Nordic private investor CapMan Real Estate has acquired an office property in Greater Oslo for its Nordic Real Estate II fund from local pension fund KLP.
Financial details were not disclosed.
Brynsalléen 2, a modern asset located in the office submarket of Helsfyr/Bryn, comprises 17,600 m2 of space. The 10-storey property was developed in 1999 is fully occupied by Norwegian IT firm Atea, which plans to exit the asset in 2020.
'We are very excited about the purchase of this property. The entire Helsfyr/Bryn area is going through a significant revitalisation and we see an excellent value add opportunity to upgrade the property for new tenants following Atea’s departure,' said Magnus Berglund, investment director at CapMan Real Estate.
Brynsalléen 2 is the fourteenth acquisition of the €425 mln Nordic Real Estate II fund raised in 2017. The focus of the fund is to invest mainly in office, retail and residential properties located in established submarkets of major Nordic cities.
CapMan’s current real estate volume under management is over €2.5 bn.