Selvaag Bolig has decided to sell its land bank to Urban Property for NOK 3.4 billion. Urban Property is a newly established company owned by Selvaag AS, Oslo Pensjonsforsikring, Equinor Pensjon and Rema Etablering Norge. Selvaag Bolig will have a pre-emptive right to repurchase and an option to buy back the sites, and the plan is to re-acquire the land as and when required.

Estatenyheter: Stor-Oslo Eiendom and a Fearnley Project Finance club deal have acquired Østre Aker vei 90 and 96-98 at Linderud in Oslo from Winta Eiendom and Orkla Eiendom. Today’s buildings total 46 000 m2 divided between six office blocks and are leased to such tenants as Bravida. The buyers will seek a planning change of use and to build homes on the 7.3-hectare site.

Estatenyheter: A NRP club deal has acquired Borgundvegen 340 (the Norwegian Maritime Competence Centre) in Ålesund from an Arctic Securities club deal for about NOK 1 billion. The 39 000 m2 property is leased to such tenants as the Norwegian University of Science and Technology, Atea, Kongsberg Gruppen and Sintef. Annual rental income is about NOK 65 million.

Entra ASA has acquired Møllendalsveien 6-8 in Bergen from Backer Eiendom for NOK 400 million. This 14 500 m2 office property is leased to such tenants as the Western Norway University of Applied Sciences, Backe Bergen and the Bergen School of Art with a remaining term of 1.2 years. Annual rental income is NOK 26.4 million.

Fund Corum XL has acquired Olav Sæters veg 2 in Elverum from several private investors. This 11 180 m2 retail park is leased to such tenants as Elkjøp, Rusta, Power and Byggmakker. French fund manager Corum Asset Management has thereby acquired its first property in Norway.

NE: Seabrokers Eiendom has extended and expanded its lease of 20 000 m2 to Equinor at Vassbotnen 23 in Forus outside Stavanger. The energy company has signed a five-year lease.

Statistics Norway: The consumer price index (CPI) rose by 1.8 per cent from October 2018 to October 2019. The consumer price index adjusted for tax changes and excluding energy products (CPI-ATE) was up by 2.2 per cent over the same period.

Statistics Norway: Gross national product for mainland Norway rose by 0.7 per cent from the second quarter to the third. The rate of growth was particularly strong in July, but slowed in both August and September.

Whitehelm Capital (on behalf of several Australian pension funds) and Whitehelm European Infrastructure Fund II have jointly acquired a portfolio comprising 166 day care nurseries and eight health centres in Scandinavia from Pioneer Property Group. One hundred and twenty of the nurseries are located in Norway, with 14 years remaining on their leases. Rental income for the Norwegian part of the portfolio comes to about NOK 240 million.

UNION Core Plus has acquired Pilestredet 35 in central Oslo from a Pareto club deal. This 27 000 m2 property is primarily leased to OsloMet.

An Arctic Securities club deal has acquired Fyrstikkalléen 3 at Helsfyr in Oslo from JB Ugland, Otterlei Group and Vedal Investor. The 11 500 m2 office building is leased to tenants such as the City of Oslo’s education agency, Norengros and Økonomibistand with a remaining term of 8.6 years.

Estate nyheter: Aberdeen Standard Balanced Property Fund has acquired Munkedamsveien 59B adjacent to Aker Brygge from Arne Vannebo for NOK 108 million. This 1 980 m2 office building is leased to tenants such as Rådgiverhuset Rekruttering, Fursetgruppen and Thevit. Rental income last year was about NOK 3 million.

Finansavisen: Asset Buyout Partners has bought six properties in Risavika, Dusavika, Stord and Hammerfest. These purchases were implemented as three transactions with various counterparties: a Pareto club deal, Gefro Invest and LCN Master Holdings 1. The properties have a combined area of 31 200 m2 and five hectares of land. Tenants include Schlumberger, Scantech and Advantec.

Finansavisen: Møller Eiendom and Stokke Industri are to build a further 32 000 m2 of warehouse space for Coop at Vilbergveien 130 in Gardermoen. This logistics property will provide a total of 84 000 m2 when the extension is completed in late 2020.

Eiendom Norge: House prices in Norway declined by 0.8 per cent in October. Corrected for seasonal variations, they were unchanged. They are now 2.4 per cent higher than a year ago. Prices in Oslo fell by 0.8 per cent and are now 3.8 per cent higher than a year ago but 2.7 per cent below the peak reached in February 2017.