Rental real estate and infrastructure specialist Nordisk Renting has acquired a portfolio of eight automotive workshops across Norway for NOK 600 mln (€61 mln) from local player Ragde Eiendom.
The properties are located in key cities including Trondheim, Bergen, Oslo and Kristiansand, according to Nordisk, and are all leased on long leases to Team Verksted, an operator of service garages and workshops for trucks and other vehicles.
They are all strategically located for Team Verksted's business. The workshops generally have large plots and are situated at key traffic hubs, in areas dominated by logistics players and suppliers to the automotive industry.
Caroline Bertlin, CEO of Nordisk Renting, said: 'We are very pleased with the acquisition and the opportunity to start a new collaboration.
The properties and businesses that are operated here support important transport infrastructure in the long term, and are well suited to our business model. This transaction is in line with our growth strategy in Norway, and we look forward to grow the company even further.'
Nordisk Renting was founded in 1986 and offers long-term rental solutions with repurchase rights within real estate and infrastructure to companies, and municipal and state parties in the Nordic region.
The company has been active in Norway since the 1990s and is now increasing its presence and focus on Norway further in accordance with the company's growth strategy.
Pangea Project Finance and Wiersholm were buy-side advisors in the transaction.