Entra sells Oslo office to museum occupier for €46m

Norwegian office developer and manager Entra ASA has sold an office property in Oslo to the country’s national museum for NOK 450 mln (€46 mln).

The transaction reflects a net yield of around 4%, PropertyEU understands.

Kristian Augusts gate 23 comprises 8,736 m2 across eight floors and dates from 1941. The asset features a canteen, roof terrace, valet reception, and an auditorium on the top floor.

The sale to the national museum generated a 26% premium to this year’s book value of the property. The deal has been structured as a sale of shares to the buyer, which is the current occupier of the property. The museum's lease contained a clause enabling it to purchase the building.

Closing is expected to be 1 October, according to an Entra spokesperson.

Anders Olstad, chief financial officer at Entra, told PropertyEU: ‘The asset is situated in the city centre of Oslo in one of our core property clusters, and as such our plan was to keep the property and eventually redevelop it in a few years. However, when the current tenant decided to exercise their option to acquire the asset at, for us, favourable terms, we are very happy with the transaction.’

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