European Property Investors Special Opportunities 3 (EPISO 3), the opportunity fund advised by Tristan Capital Partners, has sold four retail parks and two land plots in Norway to Oslo-based Ragde Eiendom AS for c. €160m. The assets comprise Stoa Vest retail park in Arendal, which was acquired in 2016 and three assets that formed part of a larger retail park portfolio that Tristan acquired in 2015, including Breiviksenteret in Alesund, Tune Handelspark in Sarpsborg and Grenland Handelspark in Grenland. Four assets from the original portfolio have already been sold off individually to local buyers.
Jean-Philippe Blangy, Head of Asset Management, said: “Over the past few years we have made significant improvements to the rent roll by extending key tenant leases and securing new high-quality names. In total, we have renewed or secured new leases for more than €4.3m (41m NOK) across 36,000m² and 23 leases. Operationally, all assets are in good locations and are currently performing very well with an average occupancy of 96% and WALT in excess of 8 years, demonstrating why well-diversified retail parks remain attractive to consumers. The transaction also included the development of a new service centre for Tesla in Sarpsborg. We have now delivered the majority of the business plans we put in place when we were acquiring the assets and we are pleased to pass them on to the highly experienced team at Ragde Eiendom AS.”