Norwegian company Entra has announced the purchase of a development site in Oslo for NOK 1.1 bn (€115.8 mln).
The site covers 38,140 m2 and can provide up to 120,000 m2 of additional office and residential space. The existing assets generate annual rents of NOK 60 mln (€6.3 mln) with a remaining lease duration of approximately four years.
Entra said that it is joining forces with business partner JM Norge on the deal, with plans for Entra to take charge of the commercial areas and for JM Norge to take control of the residential development once zoning will be completed.
Arve Regland, CEO of Entra, commented: ‘Bryn is one of the key focus areas for city development in Oslo. In cooperation with JM we look forward to taking a leading role in good and responsible development of Bryn’.
Closing is expected for the third quarter of 2018.
‘Oslo is growing rapidly and the need for good homes is increasing. We look forward to combining Entra's experience with our own and creating an attractive mix of residents and office space at Bryn,’ added Hilde Vatne, head of JM's operations in the Oslo region.