Madison Completes Sale of Statoil Office Complex in Oslo for NOK 3.9 Billion ($465 Million)


LONDON, OSLO and NEW YORK, July 5, 2016 — Madison International Realty, a New York-based investment company, announces that it has completed the sale of the Statoil office complex in Oslo, Norway for NOK 3.9 Billion ($465 million or EUR 419 Million) to a club of local investors established by Arctic Securities, representing a 5.4% cap rate.

Madison has agreed to a sale of the property for NOK 3.9 billion to a club of local investors advised by Arctic Securities, representing one of the largest transactions in the Norwegian market this year. Per the terms of the transaction, Arctic Securities will also assume the existing NOK 2.24 billion bond. The seller was advised by Akershus Eiendom and JLL.

The award-winning, 65,768 sqm (721,000 square foot), nine story Class A asset was constructed for, and is let in its entirety to Statoil ASA until 2027, a leading energy and gas production company.  Located in the popular Fornebu sub-market of Oslo, the asset benefits from its proximity to a number of other domestic and international blue-chip company corporate headquarters.

Commenting on the sale, Derek Jacobson, Managing Director at Madison International Realty, said:

“Madison is pleased to have completed the sale of the Statoil building at Fornebu to clients of Arctic Securities. We believe the success of our investment validates our strategy of buying interests in quality assets and portfolios. We remain focused on Norway and look forward to future opportunities in the market.”

Commenting on the sale, Mads H. Syversen, CEO at Arctic Securities, said: “Arctic Securities has arranged a solid and highly professional ownership structure for the Statoil building at Fornebu, a well-established office and residential area with exciting future prospects. The investment opportunity received great interest among our clients.  Arctic established the entire capital structure of the transaction – equity, preference shares and a junior bond – and we are excited to follow this project going forward together with our investors.”