Largest-ever single transaction completes in Oslo

Norwegian national broadcaster NRK has agreed to sell its headquarters in Oslo for a minimum price of NOK 3.75 bn (€365 mln), a sum which could rise to NOK 5 bn (€480 mln) when the site is redeveloped.

After four rounds of bidding, Norwegian family office Ferd Eiendom won the contest to acquire the Marienlyst complex, which is located in a residential area north of Oslo’s CBD.

In the final round, Ferd was up against a consortium led by Norwegian developer Obos together with the Oslo Pension Fund and Swedish listed company Balder.

NRK, which was advised by Nordic broker Newsec, plans to relocate to a modern headquarters in central Oslo and has launched a search for a new building. It hopes to move by 2025.

Håkon Styrvold, partner and head of transactions in Newsec’s Norwegian business, said: ‘We had a lot of interest from Norwegian family offices and development companies and also from international players due to the large ticket size. It is a huge, value-add development opportunity.

‘However, as NRK does not want all the money (from the site sale) now, but when the company moves in five years’ time, a lot of the international capital fell away because it needed to be deployed now.’

He added: ‘The NOK 3.75 bn is the minimum price on the sale. The total eventual sum is dependent on the final outcome of the zoning, and is likely to be NOK 5 bn.’

Pre-sale discussions with the local authority suggest the site will be redeveloped as between 1,100 and 1,200 of new apartments and 12,000 - 20,000 m2 of offices. It could accommodate over 100,000 m2.

One listed building will be kept on the site with the rest of the NRK complex demolished. The listed building could become offices, a hotel, student housing or converted for cultural use.

The area is next to Blindern University and is one of the more expensive residential districts in the city. Styrvold said: ‘It is a high-end part of town, but the (intention is) to keep several demographics, which could include senior, student and social housing.’

Ferd, chaired by Johan Andresen, is known as the developer of much of Ensjø, the industrial area on the eastern side of the Norwegian capital where it has a large commercial and residential portfolio.

NRK’s broadcasting manager Thor Gjermund Eriksen said Ferd had the best overall offer. ‘The contract with Ferd gives us the time we need to find the best possible site for NRK and a good financial basis for establishing a new building.’

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