90 North Real Estate Partners has advised on the acquisition of the newly constructed Centrica Energy HQ office building in Stavanger, Norway for a gross price of €32m. Stavanger is the capital of the oil and gas industry in Norway and is one of Europe’s fastest growing cities.
Designed to energy class-A and BREEAM ‘Very Good’ standards, the brand new 10,358m² office building with 143 car park spaces is located on the Stavanger waterfront, just a short distance from the city centre, and is easily accessible by bus, car, foot, bicycle and even by boat during the summer.
The property is fully let to Centrica Energy Norway, a division of international energy FTSE 100 company Centrica plc, for a 10-year term.
Cherine Aboulzelof, partner and head of continental Europe commented: “We are delighted with our second acquisition in Norway, our second within one year. This transaction highlights our commitment to invest in highly efficient, modern real estate assets leased to well-known and prosperous international companies such as Centrica. Amongst other factors, the solid macroeconomic conditions, the size of its sovereign wealth fund and low funding costs in Norway have all led to commercial real estate in the country being an attractive proposition for international investors.”
Nick Judd, founder and head of investment at 90 North commented: “This is another fantastic acquisition for 90 North, our fifth in Europe, and one in which we are pleased to be partnering once again with Arzan Wealth. This takes recent transactions we have advised on in Europe to over €200m and nearly $1.05bn across the geographic spectrum.”
90 North’s partner, Arzan Wealth (DIFC) Limited, a Dubai based advisory firm regulated by the Dubai Financial Services Authority acted as the strategic advisor on the structuring and acquisition of the property.
The vendor was Norwegian conglomerate Det Norske Veritas. DLA Piper was the legal counsel of the purchaser. Spark Europe advised the buyer. Financing was provided by way of a bond placed with an institutional investor, regulated by the Norwegian Financial Supervisory Authority.
