Located in Norway’s second-largest city, Bergen, the asset provides c. 33,000 sq m of high-quality industrial space with last mile logistics potential and is 100% let to a diversified and strong tenant base delivering consistent and long-term cash flow. The acquisition is part of the Fund’s strategy to grow its last mile logistics platform around Oslo, Bergen, Stavanger and Trondheim. Bergen has seen growing market appetite for similar assets due to its strategic location and increasingly attractive low vacancy rates in the logistics and light industrials sector.
Tristan has built a strong and successful presence in Norway with transactions across the office, office redevelopment and retail sectors totalling c. EUR 1.2 billion.
Halvor Sand, Associate Director at Tristan Capital Partners, said:
“Norway has always been viewed as an attractive proposition for the Fund, which is evidenced by the quality of our transactions. We are pleased to have completed our first industrial acquisition in Norway - one which we believe is a well-located seed investment in the country, and as part of our wider industrial and logistics platform in Europe. As part of the business plan we aim to further strengthen our relationship with the current tenant base and explore potential expansion opportunities. With rents in Bergen likely to continue increasing due to strong occupier demand and limited supply, we are confident that this asset will generate an attractive return for our Fund and its investors.”
Anvil Asset Advisors will be the operating and JV-partner for the investment. The Fund was advised by Arctic Securities, Wikborg Rein, PwC, CBRE and Ramboll.