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US investor WP Carey said on Friday that its CPA:18 – Global fund has acquired a multi-tenant retail site in Oslo for NOK 815 mln (€95 mln), in a 90/10 joint venture with Oslo-based developer, Winta Eiendom.

The seller is the real estate division of Coop Norge, the second largest grocery retailer and a major DIY retailer in Norway. As a cooperative, Coop is owned by 133 local cooperatives with 1.4 million members.

Located in Alna, a retail district in Oslo, the 23,500 m2 property is mostly let to Coop which represents 64% of the facility's annual rent. Other tenants include Expert, Norway's second-largest consumer electronics retailer, and Lampehuset, a Norwegian lighting retailer, which together represent an additional 23% of annual rental income. The leases have a weighted average remaining lease term of eight years.

Winta Eiendom will act as local asset manager for the facility and will explore potential value-add development opportunities for the asset.

'The deal provided funding for Coop Norge, allowing them to access the current value of their real estate holdings as a means of funding growth and expansion opportunities,' said WP Carey managing director and Head of Global Investments, Jason Fox.

CPA:18 – Global's Norwegian holdings already include the Siemens headquarters in Oslo and the Apply headquarters in Stavanger.

Arctic Securities AS advised CPA 18 – Global and Winta Eiendom on the acquisition and provided long-term bond financing for the investment. DTZ Realkapital advised Coop on the sale.