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Helsinki-listed property group Technopolis has started negotiations with its major shareholder, pension fund Ilmarinen, to sell part of its stake in the newly acquired Olso Campus.

Technopolis is in talks to sell a 19% interest in the modern multi-tenant campus located in the Norwegian capital. If a deal results, this will reduce its stake from 70% to at least 51%.

The Finnish property company signed an agreement to acquire a 70% share in the campus from IT Fornebu Properties AS (ITFP) in October, for an enterprise value of NOK 1.8 bn (€220 mln). The deal marked Technopolis' entry into the Norwegian market.

The campus will be owned by a joint venture of Technopolis and ITFP, financed with 35% of equity and 65% in debt. SEB, Nordea and Swedbank will provide a €143 mln syndicated loan for the acquisition.

Technopolis said 'the participation of Ilmarinen in the joint venture is subject to a number of factors, such as the parties reaching an agreement on the terms and conditions of the arrangement, and board approval from both Technopolis and Ilmarinen'.

To finance the Oslo Campus acquisition, the company intends to carry out a €100 mln rights issue which is supported by its two largest shareholders, Varma Mutual Pension Insurance Company and Ilmarinen Mutual Pension Insurance Company.

The campus is located in the Fornebu area, six kilometres west of Oslo's CBD. The property consists of two new buildings and one fully refurbished property, all of which are served by an underground parking facility with 1,200 spaces. The campus has total rentable area of 70,500 m2 and the financial occupancy rate is 90%.

ITFP is a Norwegian real estate company with nine shareholders, led by state-owned The Industrial Development Corporation of Norway.

Foreign investors are increasingly drawn to Norway due to its strong economic outlook. Last week, US investor Madison International Realty and Norway's Søylen Eiendom formed a joint venture to buy nine properties in Oslo’s premier shopping district.

The properties, valued at NOK 3 bn (€370 mln), are all on or around Karl Johan, the main street in the Norwegian capital.

'The macroeconomic outlook in Norway is unmatched in Europe and retail is experiencing increased demand, particularly in the luxury segment,' commented Derek Jacobson, managing director for European investment at Madison International Reality.