Norwegian office developer and manager Entra ASA has acquired an office property in Bergen, Norway, for NOK 400 mln (€40 mln).
The asset, dubbed Møllendalsveien 6-8, is located in Entra’s existing property cluster and near to Media City Bergen. Comprising 14,500 m2 of space, the asset provides an annual rent of NOK 26.4 mln. The average lease contract duration is approximately 1.2 years.
Entra plans to re-develop the asset into an attractive office product when the existing lease contracts expire. The transaction is in line with Entra's strategy of growth through property development in central areas of the largest cities in Norway.
'The property has an interesting development potential, and we have a positive outlook on the property market in Bergen. We are therefore very pleased to further strengthen our position here,' said Sonja Horn, Entra's CEO.
The transaction is expected to close on December 2.