The European Property Investors Special Opportunities 3 (EPISO 3) fund, acting with joint venture operating partners FG Eiendom and Malling & Co Eiendomskapital, has acquired 92,300 sqm of retail warehouse space located at parks in five locations across Norway.
The development sites are all in the southeast region of the country, with the largest plot offering the potential to develop 39,000 sqm of retail warehousing in Skien.
Daniel Harris, Managing Director for Investments at London-based Tristan Capital Partners, said: “This portfolio of well-located and modern retail parks generates an attractive income from a roster of well-established tenants, while offering potential to add value. The fund gains immediate scale in the Norwegian retail warehousing market through this purchase, with scope to make the assets more appealing to prospective institutional owners.”
The existing retail parks acquired by the fund are: the Mo Handelspark in Mo i Rana, Hangaren Lade in Trondheim, Breiviksenteret in Ålesund, Grenland Handelspark in Skien and the Tune Handelspark in Sarpsborg.
Tenants occupying the “Big Box” parks are a mix of discount, furniture, homeware, electronics, and sports equipment and apparel retailers. Anchor tenants include brands owned by Coop Norge group, Norway’s second-largest grocery chain and a leading home improvement retailer.
Roy Meyer, Coop Norge Eiendom AS’s Chief Executive Officer, said: “We are pleased that we have concluded this transaction with Tristan Capital Partners.”
Malling & Co. Eiendomskapital advised Episo 3 and Pangea advised Coop Norge Eiendom.
German bank Helaba has arranged financing for Tristan Capital Partners. The loan is provided in a club deal, together with the Norwegian life insurance company Storebrand.
A Tristan fund acquires a Norwegian retail park portfolio.
Image: Tristan Capital
Tristan Fund Acquires Norwegian Retail Park Portfolio
Norway — Episo 3, the opportunity fund advised by pan-European real estate investment adviser Tristan Capital Partners, has agreed to acquire a portfolio of five retail parks and four development sites in Norway from the property arm of retail group Coop Norge for NOK 1.2 billion (€136 M).