An investor syndicate arranged by Pareto Securities has acquired a portfolio of assets in Billingstad, Norway, from family-owned investment company Floberg Holding.
The deal comprises all of Floberg's holdings in Billingstad, some 90,000 m2 of real estate. Just over 40,000 m2 of the assets comprise commercial property, with about 50,000 m2 development potential.
Financial details were not disclosed, however the price is believed to be around NOK 1.8 billion (€176 mln).
Anders Edbo, CEO of Floberg Holding, said: 'There have been many bidders, and considerable competition and interest. It is worth noting that many highly competent and financially strong environments have established collaborative constellations in connection with the bidding.
'We are very pleased to hand over the Billingstad portfolio of Floberg Holding to such an experienced and professional buyer who has had success with similar projects in the past. We are very pleased that we have reached the goals we set before this process started.'
Asker's most important retail hub
The real estate portfolio has a gross lettable area (GLA) of approximately 40,000 m2 of retail, office and warehouse. Billingstad has a unique location by Asker's most important retail hub, right next to Ikea and the highway E18. Billingstadparken accounts for around 40% of all sales in Asker, and has approximately 4.5 million visitors per year.
The portfolio also contains a development potential of around 50,000 m2, consisting of a residential project of above 30,000 m2. Almost 20,000 m2 of additional commercial real estate is being planned, in a combination of new buildings and the expansion of existing buildings.
Masterplanning for the entire Billingstad area is already underway, encompassing future residential development for an additional 4,000 residents.
Pangea Property Partners was financial advisor, while law firm Thommessen was the legal advisor to Floberg Holding. Law firm Wiersholm has represented the buyer.