The surrounding area called Paradis will be subject to a major transformation with potential for ~200,000 sqm of residential and commercial developments according to the municipality master plan. Additionally, the adjacent area will during the coming years undergo an infrastructure upgrade.

The property has achieved BREEAM NOR certification “Very Good” and energy rating A for the two top floors of the low block. Moreover, the building has a strong health profile with anchor tenants such as Aleris, Stavanger University Hospital and EVO.

Torstein Bomann-Larsen and Thomas Fiskerstrand, Associate Directors Transactions in Norway, say:

“We are pleased to acquire this newly re-developed mixed-use property located just outside Stavanger city center. We believe the attractive tenant mix, proximity to public transportation as well as the overall development of the Paradis area lay the strong foundation for value creation going forward.” 

The Norwegian transaction market continues to be strong. The increased activity seen in Q4 2020 has continued throughout 2021 with total transaction volumes reaching in excess of NOK 98 billion according to Pangea’s November 2021 report. There are also clear signs of recovery in the Stavanger market.

Fiskestrand and Bomann-Larsen continue:

“We are looking forward to manage this asset in the years to come and eager to increase our presence on the Norwegian market where we currently see a number of attractive opportunities.”