"There have been many bidders, and considerable competition and interest. It is worth noting that many highly competent and financially strong environments have established collaborative constellations in connection with the bidding. We are very pleased to hand over the Billingstad portfolio of Floberg Holding to such an experienced and professional buyer who has had success with similar projects in the past. We are very pleased that we have reached the goals we set before this process started," says Anders Edbo, CEO of Floberg Holding.
The real estate portfolio has a gross lettable area (GLA) of approximately 40,000 square meters of retail, office and warehouse. Billingstad has a unique location on Asker's most important retail hub right next to Ikea and the highway E18. Billingstadparken accounts for approx. 40% of all sales in Asker and has approximately 4.5 million visitors per year.
The Billingstad / Slependen area has more than one million people living within a 30-minute drive. In addition, it is only 10 minutes to Oslo city center. The portfolio has an annual gross rental income of NOK 64 million in 2021 with solid tenants such as IKEA (office), Flisekompaniet, Megaflis, Møller Bil, Power etc.
The portfolio also contains a development potential of approx. 50,000 square meters consisting of a residential project of above 30,000 sqm. In addition, it is planned to develop additional commercial real estate of close to 20,000 sqm in total in a combination of new buildings and expansion of existing buildings.
The process regarding an area plan for the entire Billingstad area is already underway. There are big plans for residential development at Billingstad, and the area is expected to house another 4,000 people over the next 10-20 years.
Pangea Property Partners has been the financial advisor and the law firm Thommessen has been the legal advisor to Floberg Holding and the law firm Wiersholm has represented the buyer.