Nordanö was sole financial advisor to Høvik Park (a consortium led by Tore Borthen) in the sale of an 11,200 square meters office property in the Oslo region to Fjordveien Invest, a consortium consisting of Vedal Investor AS, Klaveness Eiendom AS, Centragruppen and the Nergaard family.

The transaction price is confidential.

“There was great interest for this deal. It shows that the market for office properties is still strong. We got the best buyers whom will develop the property and this will be a good transaction for everybody,” says Christian Bernau, Partner and CEO of Nordanö in Norway.

“It is a property that consists of two buildings, mostly traditional offices but also with a focus on health. At the moment, the vacancy rate is 24 percent and the buyer has the opportunity to develop new housing units on the property.”

According to Christian Bernau that interest in office properties remains very strong in Norway.

“We have not really seen any reduced interest at all during the pandemic. Prime Yield for office properties in Oslo has been around 3.25 percent, and the secondary yield is stable at around 4.6 percent.”

“We see a continued trend towards more coworking, with new players constantly emerging, but it has not affected the interest in traditional office properties negatively.”

How is the interest for other segments in Norway?

“There is good demand for most segments; offices, residential, logistics. The hotel market is still a bit hesitant, but I would say that interest in retail and shopping centers is back, it feels stronger here in Norway than in Sweden, for example.”

Nordanö was founded in Sweden in 1992 (under the name Leimdörfer) and has offices in Sweden, Denmark, Finland and since 2019 in Norway.

“It took a while before we got started and then came Covid-19, but now we have become well established on the market”, says Christian Bernau who joined Nordanö in March 2021.

Nordanö now has five employees in Norway, but wants to grow bigger.

“We are always looking for talented employees and would like to hire another senior advisor. The Norwegian market is quite different compared to, for example, the Swedish market. There is more business conducted off market here, which means that it is extremely important to have a well-developed network of contacts. We have this through Eskil Skei and Fredrik Brask who have very long experience of the Norwegian property market. I come from the private equity side and there I have a good network of contacts, so we complement each other well.”

“We benefit greatly from Nordanö´s international network and their strong presence in the other Nordic markets which again will results in more buyers for our sales assignments in Norway.  The Norwegian market is difficult to enter without the right connections. But since Nordanö is a leader in Sweden, Denmark and Finland, international investors can enter Norway through those contacts. That way we can, for example, help international players who want to reweight and perhaps decrease in Sweden and increase in Norway.”