CapMan Nordic Real Estate II Fund has sold the 4,700m² property Lille Grensen 5 located in central Oslo to Arctic Securities for €48m (NOK 488m). The property was originally acquired by CapMan Real Estate in December 2017. Since the acquisition, the fund has signed several leases with new well-known tenants, carried out substantial refurbishment works and transformed the property into a core asset with a long stable income.
“Since our acquisition, we have leased out more than 70% of the lettable space to new tenants and re-geared another 15% of the space, which has increased the one-year wault at acquisition to more than six years at exit and secured a long-term stable income for the new owner. In addition, we have focused on improving the ESG performance of the property which in 2021 went through a BREEAM In-Use certification,” said Magnus Berglund, Deputy Head of CapMan Real Estate Norway.
Lille Grensen 5 is the 5th exit from the CapMan Nordic Real Estate II Fund, a 2017 vintage value-add fund, which has 14 assets left in the portfolio. The team is currently investing from its third Nordic value-add fund, CapMan Nordic Real Estate III, which was established in September 2020 and raised €564m in equity.
