The assets comprise Stoa Vest retail park in Arendal, which was acquired in 2016 and three assets that formed part of a larger retail park portfolio that Tristan acquired in 2015, including: Breiviksenteret in Ålesund, Tune Handelspark in Sarpsborg and Grenland Handelspark in Grenland. Four assets from the original portfolio have already been sold off individually to local buyers.
Jean-Philippe Blangy, Head of Asset Management, says:
“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 41 million NOK across 36,000 sqm and 23 leases. Operationally, all assets are in good locations and are currently performing very well with an average occupancy of 96 percent and WALT in excess of 8 years, demonstrating why well-diversified retail parks remain attractive to consumers. The transaction also included the development of a new service center 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 AS.”
This sale is the latest transaction for Tristan in Norway, where funds advised by Tristan have secured financing of NOK 1.9bn and signed leases for more than 20,000 sqm across the Tristan portfolio.
The fund was advised by its operating partner Anvil Asset Advisors and law firm Thommessen.