Madison has agreed to a sale of the property for NOK 3.9 billion to a club of local investors advised by Arctic Securities, representing one of the largest transactions in the Norwegian market this year. Per the terms of the transaction, Arctic Securities will also assume the existing NOK 2.24 billion bond. The seller was advised by Akershus Eiendom and JLL.

The award-winning, 65,768 sqm (721,000 square foot), nine story Class A asset was constructed for, and is let in its entirety to Statoil ASA until 2027, a leading energy and gas production company.  Located in the popular Fornebu sub-market of Oslo, the asset benefits from its proximity to a number of other domestic and international blue-chip company corporate headquarters.

Derek Jacobson, Managing Director at Madison International Realty, said:
"Madison is pleased to have completed the sale of the Statoil building at Fornebu to clients of Arctic Securities. We believe the success of our investment validates our strategy of buying interests in quality assets and portfolios. We remain focused on Norway and look forward to future opportunities in the market.”    

Mads H. Syversen, CEO at Arctic Securities, said: “Arctic Securities has arranged a solid and highly professional ownership structure for the Statoil building at Fornebu, a well-established office and residential area with exciting future prospects. The investment opportunity received great interest among our clients.  Arctic established the entire capital structure of the transaction – equity, preference shares and a junior bond – and we are excited to follow this project going forward together with our investors.”

FACTS/
The Arctic Group is a leading, independent provider of financial services. Arctic has an extensive global network connecting clients from around the world, and the Arctic group of companies comprises investment banking services, ship- and offshore brokerage, asset management and insurance brokerage. The companies of the Arctic Group are located in Oslo, Stockholm, New York, Singapore and Rio de Janeiro.