CPA:18 - Global acquires €95.4 mln retail property in Oslo (NO)

W. P. Carey Inc. announced that CPA®:18 – Global has acquired a multi-tenant retail site in Oslo, Norway for approx. NOK 815 mln (€95.4 mln), including transaction costs, in a joint venture with Oslo-based developer, Winta Eiendom AS. The seller is the real estate division of Coop Norge AS (COOP), the second largest grocery retailer and leading “Do-It-Yourself” retailer in Norway. As a cooperative, COOP is owned by 133 local cooperatives with 1.4 million members.
Located in Alna, a 1.8 million ft² (167.225 m²)destination retail district in Oslo, the property is situated in one of the busiest and strongest retail clusters in the area. Leading from the Oslo central business district to the Gardermoen international airport, the facility is visible and accessible from the E6 motorway, Norway’s second busiest road. Other major retailers in the area include IKEA, Tesla and Toys “R” Us.
64% of the facility’s annual rent is derived from anchor tenant COOP Ost AS, the largest cooperative member of COOP. Other major tenants include Expert, Norway’s second largest consumer electronics retailer, and Lampehuset, Norway’s leading lighting retailer, which together represent an additional 23% of annual rental income. The leases have a weighted average remaining lease term of 8 years.
CPA®:18 – Global has entered into a joint venture with local real estate specialist and Oslo-based developer, Winta Eiendom AS, who will act as local asset manager for the facility and to explore potential value-add development opportunities for the asset. CPA®:18 – Global’s ownership interest in the property is approximately 90%.
Source: W.P. Carey