“OPF came in early, so we divested to them on a forward structure. The construction is not finished and we have guaranteed a rent between NOK 2500 and 2600 per sqm” says Mathias Grimstad, CEO at Stor-Oslo.

Grimstad does not want to make the purchase price public, but Nordic Property News estimates it to between MNOK 500 and MNOK 600 (€52-63M).

“We could have worked on new leases and divested the construction when everything was finished and maybe sold it for more, but for us it was more important to get going, lend up the building and realize the project” says Grimstad.

 Initially the project was 17,000 sqm. Stor-Oslo has split the property in two. One has become an apartment building with 116 apartments, where about 85 of them are currently sold.

The other part is an office building of 11,000 sqm. In addition there are also some retail areas under the apartments, where there will be a bank, restaurants and a café among other things.