Located on Ole Delviks Vei 2, 4 and 6 in the Bryn office submarket just outside Oslo city centre, the three multi-let assets comprise 30,533 sqm of lettable space, which is primarily leased office space and a well performing grocery store. The majority of the rental income is generated by ODV 6, a Grade A office building which was constructed in 2012.
The transaction marks Tristan’s second sizeable off market acquisition in Oslo in the past six months, following the acquisition of Helsfyr Atrium in October 2018. The total value of the pan- European investment manager’s deals in the Nordic markets now stands at over €1.4 billion for the decade since the firm’s inception.
Anne-Jan Jager, Director at Tristan Capital Partners, said:
“Ole Delviks Vei 2, 4 & 6 is an attractive investment opportunity given the ongoing redevelopment in the Bryn and Helsfyr areas, which we believe will further increase the attractiveness of these submarkets. Together with the Malling team, we have identified several value creation initiatives that we will be focussing and executing on going forward. As the Bryn area is part of one of Oslo’s largest city development projects, we believe that our project has attractive residual value opportunities”.
Malling & Co Project Finance acted as buyside advisor on the transaction and will act as joint venture partner and asset manager going forward. The Oslo-based company was also the operating partner on Grensen 5-7, a mixed-use retail/office building in the city centre, which was recently sold on behalf of Tristan Capital Partners’ EPISO 3 opportunity real estate fund.
Mads Mortensen, Managing Partner at Malling & Co Project Finance, said:
“We are delighted to participate as joint venture partner and buy side advisor for Tristan in this transaction. As asset manager for the project, we look forward to executing on the business plan over the coming years.”