News

News — Avignon Capital sells office building in Oslo for €61m

21/02/2017

Avignon Capital and its Norwegian partner Clarksons Platou Real Estate, has sold Østensjøveien 27, a prime office building in Oslo, for €61m, producing an 87% return on equity. The property has been sold to Malling & Co Eiendomsond AS, a pure-equity fund, in an off-market transaction.

Acquired in 2014, Avignon Capital identified Østensjøveien 27 as an opportunity to purchase a high-quality environmental impact building in a growth area of Oslo. The property has provided consistent returns to investors alongside sustained capital growth under Avignon Capital’s ownership.

Østensjøveien 27 comprises 16,766 sqm (180,000 sq ft) of high quality open plan office accommodation, arranged over six floors, and is located in Helsfy district, close to the city centre of Oslo and near several public transportation hubs.

The building holds a BREEAM “Excellent” rating, owning to its sustainability credentials, and on completion in Q3 2014 was ranked one of the 100 most sustainable office buildings in the world.

Doug Burton-Cantley, Director of Asset Management at Avignon Capital, said: “The sale of Østensjøveien 27 is further evidence of Avignon’s ability to acquire exceptional properties across Europe; to complete the transaction for such a favourable result is a testament to our specialist understanding of the European property market, having delivered very attractive returns to investors.

We are actively seeking to reinvest this cash in attractive markets and look forward to another year of growth and expansion.”

Pål Sandal, Partner at Clarksons Platou Real Estate said“Over the past three years we have sold 14 projects with a weighted annual return of 79,6%. We are therefore pleased that we can continue to deliver high returns to our investors”

The sale of Østensjøveien 27 follows Avignon Capital’s sale of its Copenhagen prime retail portfolio for €119m in January 2017, which provided investors with a 135% return on equity.

For more information, please contact Laura Rinaldi, Marketing and Communications Manager at Avignon Capital on   +44 (0)20 7299 7850 or via email laura@avignon.makestaging.com.