CapMan Nordic Real Estate Fund has agreed to sell St. Olavs gate 23, a 4,500m² vacant office building located in central Oslo, to the Norwegian student organisation SiO. The agreed property value is approximately €28.4m (NOK 290m). The historic property, originally constructed in 1900, was acquired by CapMan in June 2017, and was its first acquisition in Norway. The previously outdated office space has since then been stripped to its structure and prepared for a complete renovation which will reinstate the historical value of the property. A building permit has also been obtained, allowing for an extension of approximately 500m² into the rear courtyard.
“When we purchased this property in 2017, we were very much drawn towards the value-add opportunities we saw in this location. We could also see that the development of the adjacent new facilities for Oslo University at Tullinkvartalet would further strengthen the area itself as a cluster for higher education. The current high demand for modern properties and increased interest from organisations in the education and innovation sector makes the timing and result of this transaction optimal,” said Magnus Berglund, Investment Director at CapMan Real Estate.
“We are very pleased with the sale to SiO and their plans for long-term establishment in the property, which will contribute greatly to the entire area and provide a fantastic opportunity for the students in Oslo,” commented Andreas Wang, Investment Director at CapMan Real Estate.
