Pareto picks up green Oslo office projects for €186m

Nordic investment bank Pareto Securities has acquired a pair of major office projects and associated building rights near Olso for nearly SEK 2 bn (€186 mln) from Swedish development company NCC.

The projects were acquired by Pareto's newly-formed real estate company, Valle Eiendom Holding, which is charged with managing both the Valle Wood and Valle View assets.

The Valle schemes, comprising around 60,000 m2 of office space in total, are located in the Helsfyr area of Oslo. Valle Wood was completed in the summer of 2019, and is Norway's largest commercial project in solid wood. It was 87% occupied at time of sale.

The second phase of the scheme, Valle View, is under construction with a target completion of Q2 2021. Valle View has been 69% pre-let to Norway's immigration office.

'The development and sale of Valle Wood and Valle View are prime examples of successful property development,' said Thomas Dahle, head of NCC Property Development in Norway.

'NCC has been an active driver in this urban development project, making the Valle area a vital part of the Norwegian capital,' Dahle added.

The deal also includes building rights for further offices and car parking spaces, covering some 27,000 m2 of commercial area.

The commercial projects at Valle form part of a larger vision for the area, which will see the construction of the stadium for the Vålerenga football club, shops, school and about 300 residential apartments.

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