CapMan Oyj: Real Estate sells office building in Oslo to SiO
CapMan Immobilier press release
June 30, 2021 at 6:00 p.m. EET
CapMan Real Estate sells office building in Oslo to SiO
CapMan Nordic Real Estate Fund a agreed to sell St. Olavs gate 23, a 4.500 m² vacant office building located in Oslo center, to the Norwegian student organization SiO. The agreed land value is about NOK290 million.
The historic property, originally built in 1900, was acquired by CapMan in June 2017 and was its first acquisition in Norway. The previously obsolete office space has since been stripped of its structure and prepared for a complete renovation that will restore the historic value of the property. A building permit has also been obtained, allowing an extension of approximately 500 m² in the backyard.
“When we bought this property in 2017, we were very drawn to the value-added opportunities that we saw there. We were also able to see that the development of the new adjacent facilities for the University of Oslo in Tullinkvartalet would further strengthen the area itself as a hub of higher education. The current high demand for modern properties and the increased interest of organizations in the education and innovation sector make the timing and outcome of this transaction optimal, ”says Magnus berglund, Director of Investments at CapMan Real Estate.
“We are very pleased with the sale to SiO and their long term plans to settle in the property, which will greatly contribute to the entire region and provide a fantastic opportunity for students in Oslo,” said Andreas Wang, Director of Investments at CapMan Real Estate.
Akershus Eiendom and CLP assisted CapMan Real Estate with the sale.
St. Olavs gate 23 is the 15th release of the 2013 vintage value-added fund, CapMan Nordic Real Estate I, which has seven assets in its portfolio. The team’s third Nordic value-added fund, CapMan Nordic Real Estate III, was established in September 2020 and completed its final close with equity of EUR 564 million, exceeding its target size of EUR 500 million. euros and reaching its hard cap.
CapMan Real Estate currently manages a total of 3.6 billion euros of real estate assets. The Real Estate team includes more than 40 real estate professionals in Helsinki, Stockholm, Copenhagen, Oslo and London. The team received the UK and European Opportunistic Property Manager of the Year award at the 2020 Professional Pensions Investment Awards.
For more information, please contact:
Magnus Berglund, Director of Investments, CapMan Real Estate, tel. +46 70 786 68 08
Andreas Wang, Director of Investments, CapMan Real Estate, tel. +47 932 28 700
CapMan is a leading Nordic expert in private assets with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these companies and assets over the past 30 years. Our aim is to provide attractive returns and innovative solutions to investors. We have a large presence on the unlisted market thanks to our local and specialized teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes sourcing, wealth management and analytics, reporting and back office services. In total, CapMan employs around 150 people in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are a public company listed on the Nasdaq Helsinki since 2001 and a signatory of the United Nations Principles for Responsible Investment (PRI) since 2012. For more information, visit www.capman.com.