Property company Oslo Areal has completed the acquisition of the Kanalpiren office building in the Norwegian city of Stavanger for NOK 410 mln (EUR 50.5 mln). The building was sold by Hinna Park, a wholly owned subsidiary of Fornebu Utvikling (FBU) - formerly Scandinavian Property Development. Settlement took place on 10 February 2010.
Property company Oslo Areal has completed the acquisition of the Kanalpiren office building in the Norwegian city of Stavanger for NOK 410 mln (EUR 50.5 mln). The building was sold by Hinna Park, a wholly owned subsidiary of Fornebu Utvikling (FBU) - formerly Scandinavian Property Development. Settlement took place on 10 February 2010.
The building has an area of approximately 16,000 m2, as well as a parking garage. The sales price implies a net yield of approximately 8%, according to Pangea Property Partners, the financial advisor to FBU in the transaction.
The sale represents another step in the restructuring plan that was set up in the summer of 2009, and we see it as a positive reinforcement for the area Hinna Park that the buyer is a professional and long-term owner as Oslo Areal, says FBU CEO Morten Grongstad.
