Tristan exits Norway retail investments via €160 mln sale

London-based private equity real estate manager Tristan Capital Partners has sold four retail parks to a local player, saying it has delivered the majority of business plans for multiple assets acquired in Norway in 2015 and 2016.  

The group has sold for €160 mln a package of assets to Oslo-based Ragde Eiendomg Stoa. Vest retail park in Arendal, Breiviksenteret in Ålesund, Tune Handelspark in Sarpsborg and Grenland Handelspark in Grenland form part of the deal along with two plots of land.

Tristan has been active in the Norwegian retail sector. Stoa Vest retail park in Arendal was acquired for €47 mln for its EPISO 3 opportunity fund in April 2016. That followed the purchase of five retail parks and four development sites in November 2015 as well as a large mixed-use retail /office building in Oslo earlier in 2015. 

Jean-Philippe Blangy, Tristan’s head of asset management, said: ‘Over the past few years we have made significant improvements to the rent roll by extending key tenant leases and securing new high-quality names. In total, we have renewed or secured new leases for more than NOK 41 mln (€4.26 mln) across 36,000 m2 and 23 leases.

‘Operationally, all assets are in good locations and are currently performing very well with an average occupancy of 96% and weighted average lease term in excess of eight years, demonstrating why well-diversified retail parks remain attractive to consumers. The transaction also included the development of a new service centre for Tesla in Sarpsborg.

‘We have now delivered the majority of the business plans we put in place when we were acquiring the assets and we are pleased to pass them on to the highly experienced team at Ragde Eiendom.’

This sale is the latest transaction for Tristan in Norway, where funds advised by Tristan have secured financing of NOK 1.9 bn and signed leases for more than 20,000 m2 across the portfolio. The fund was advised by its operating partner Anvil Asset Advisors and law firm Thommessen.

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