Clarksons Platou club buys €92m Oslo asset from Tristan

A syndicate of investors structured by Clarksons Platou Real Estate, the investment banking arm of the shipping services group, has purchased a mixed-use asset in Oslo from Tristan Capital Partners for NOK 900 mln (€92 mln).

The asset was divested by Tristan's European property investors special opportunities fund (EPISO 3), and represents Tristan’s second sizeable office deal in Oslo in the past six months, following the acquisition of Helsfyr Atrium in October.

The asset at Grensen 5-7, Oslo has a gross lettable area of approximately 14,000 sqm and is located 150 metres from Oslo’s principal shopping street, Karl Johans gate.

'We started investing in Norway a decade ago and over that time the market has emerged as an increasingly desirable destination for international capital,' said Jean Philippe Blangy, head of asset management at Tristan Capital Partners.

'We have been particularly active in the Norwegian office sector in recent years, as reflected in this latest disposal in Oslo, where we have regeared all four current tenants and secured one additional tenant over the past four years,' Blangy added.

Tristan Capital Partners has executed 17 transactions valued at over €1.4 bn in the Nordics since 2009, according to the firm.

'The Norwegian market has performed well in the past few years, with the office sector in particular being driven by robust demand and constrained supply,' said Anne-Jan Jager, director at Tristan. 'From an investment perspective, we still see value in Oslo and continue to proactively seek opportunities in strong locations.'

The sale of Grensen 5-7 was brokered by Pangea Property Advisors and Thommessen, acting as legal counsel for EPISO 3. Malling & Co Project Finance acted as the asset manager during the hold period.


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