A Swiss fund managed by UBS, Property Fund Europe, has made its debut in Norway with a NOK 430 mln (€43 mln) deal for two care homes from Nordic insurer Noreda Liv.
Located in Sandvika, outside Oslo, the two properties are located in the town centre and have a total gross area of approx. 11,700 m2, including a parking garage with some 100 lots, as well as 50 apartments.
Nordea Liv has owned the properties since 1999.
'The sale gives us scope for new purchases in an exciting real estate market. We use a good market to gain a profit from this sale,' said Nordea Liv's investment director, Nils Arne Gundersen.
The Sandvika transaction represents the first deal by the UBS fund in Norway.
Newsec Advisory represented Nordea Liv.
'We are very excited to announce this deal which is historic in the sense that it’s UBS’s re-entry into the Norwegian market. Nordea Liv is an important player in the real estate market and we feel honoured to get their trust once again,' said Håkon Styrvold, head of capital markets, Newsec Advisory in Norway.