Avignon Capital, the European property investment company, and Norwegian partner Clarksons Platou Real Estate have sold a prime Oslo office property.
The partnership sold the 27 脴stensj酶veien building for 鈧�61m, producing an 87% return on equity, to Malling & Co Eiendomsond, an all-equity fund, in an off-market transaction.
Avignon Capital bought the asset in 2014 in what it described as a growth area of the Norwegian capital.
Doug Burton-Cantley, director of asset management at Avignon Capital, said: 鈥淲e are actively seeking to reinvest this cash in attractive markets and look forward to another year of growth and expansion.鈥�
The 16,766sqm building is in the Helsfy district.
P氓l Sandal, partner at Clarksons Platou Real Estate, said: 鈥淥ver the past three years we have sold 14 projects with a weighted annual return of 79.6%.
鈥淲e are therefore pleased that we can continue to deliver high returns to our investors.鈥�
The sale follows the divestment of a Copenhagen prime retail portfolio for 鈧�119m , which provided a 135% return on equity.
