Capman Leases Large Retail Area in Central Oslo
Norway Capman Nordic Real Estate II fund has let approx. 1,800 sqm of retail space at Lille Grensen 5 to Power, the large and well-known pan Nordic electrical retailer.
Power has leased the entire basement, ground and first floor retail space for a period of 11 years. The property is a 4,700 sqm mixed retail and office building located on Lille Grensen, a well-known pedestrianised street in the heart of Oslo city centre which connects with both Karl Johans gate, the premier retail street in Oslo, and Grensen.
"We are very excited to sign a long-term agreement with Power, who we think is an ideal tenant for this property. Leasing to an exciting brand such as Power within six months of our previous tenant vacating clearly demonstrates the attractiveness of our property both in terms of quality and location. Lille Grensen 5 is Capman Real Estate's second investment in Oslo and we are pleased to intensify our co-operation with both tenants and property professionals in the Norwegian market," comments Ed Williams, Managing Partner at Capman Real Estate.
Power wishes to strengthen its position in Oslo and will, through this store, create a future-oriented retail outlet that takes into account the role and impact of e-commerce. Power expects to launch its store of the future during March 2019.
Malling & Co and CLP acted for Capman in the transaction.