CBRE Investors, the global real estate investment management firm, announced that its CBRE Investors Pan European Core Fund (PEC Fund) has acquired a retail asset in the center of Oslo, Norway. This prime high street asset is located on Bogstadveien, one of Oslo's key retail locations, has recently undergone a major refurbishment to provide Grade A retail space on five floors.
The deal was financed by 50% of debt provided by Skandinaviska Enskilda Banken.
CBRE Investors was advised by Jones Lang LaSalle and CBRE Norway. Bugge Arentz-Hansen & Rasmussen and Ashurst provided legal advice.
Richard Everett, Managing Principal of the fund, commented: "We are very excited about this acquisition in Oslo. Norway is an attractive investment market given the high GDP per capita and the robust, commodities based economy. Prime retail is a favored investment class and demand is particularly strong from domestic and Nordic institutions. The Nordic retail sector was identified as an area with strong fundamentals following research by CBRE Investors and with limited Grade A stock available we anticipate strong rental growth driven by a strong Norwegian consumer and increasing retailer demand."
Source: Citigate Dewe Rogerson