The portfolio comprise about 61,000 sqm gross area, of which around 43,100 sqm office and 2,700 sqm retail. Total transaction price is approximately NOK 2.5 bn.
 
The transaction is in line with Entras strategy of growth in central areas of the largest cities in Norway. Skøyen is one of Oslos most attractive office, retail and residential areas and is one of the citys main transportation hubs.  The portfolio is 95% let to high quality tenants with an average remaining lease term of 6.2 years.
 
Entra has a very positive outlook on Skøyen and is pleased to take up a significant position through this acquisition. This central and modern portfolio ticks the boxes for Entra strategically and provides significant portfolio and earnings growth going forward, said Arve Regland, Entras CEO.
 
The transaction:
 
The transaction is structured as an acquisition of five legal entities that own the three properties Verkstedveien 1, Verkstedveien 3 and Drammensveien 134. The transaction does not involve any employees. Financing of the transaction is secured through debt with a mix of new bond issue of NOK 1.7 bn and existing bank facilities. The combined financing has an average interest cost of 2.1% and an average time to maturity of 5.5 years. The
transaction will bring Entras loan-to value up to 49 % (pro forma as of 31.03.16).  Closing is expected to take place on 1 September 2016.