EPISO 3, the opportunity fund advised by pan-European real estate investment adviser Tristan Capital Partners, has agreed to acquire a portfolio of five retail parks and four development sites in Norway from the property arm of retail group Coop Norge for 1.2bn Norwegian kroner (€136m).
The retail warehouse space is located in five locations across Norway totaling 92,300m² and the development sites are all in the south east region of the country with the largest plot offering the potential to develop 39,000m² of retail warehousing in Skien.
Daniel Harris, managing director for investments at Tristan Capital Partners, said: “This portfolio of well-located and modern retail parks generates an attractive income from a roster of well-established tenants, while offering potential to add value. The fund gains immediate scale in the Norwegian retail warehousing market through this purchase, with scope to make the assets more appealing to prospective institutional owners.”
The existing retail parks acquired by the fund are: the Mo Handelspark in Mo i Rana, Hangaren Lade in Trondheim, Breiviksenteret in Ålesund, Grenland Handelspark in Skien and the Tune Handelspark in Sarpsborg. Tenants occupying the “Big Box” parks are a mix of discount, furniture, homeware, electronics, and sports equipment and apparel retailers. Anchor tenants include brands owned by Coop Norge group, Norway’s second-largest grocery chain and a leading home improvement retailer.
Earlier this month, EPISO 3 secured a €39.9m loan from pbb Deutsche Pfandbriefbank for the acquisition of Hatters Way Retail Park in Luton and Hylton Riverside Retail Park in Sunderland, comprising approx. 19,040m².
