CapMan Nordic Real Estate fund has acquired a mixed use commercial property located at St. Olavs Gate 23 in central Oslo from Aberdeen Property Nordic Fund I
St. Olavs Gate 23 was originally constructed in 1900 and today provides 4,548 square meters of commercial space with retail on the ground floor and office space on the four upper levels. The property is well located, being only 400 meters from the prime retail street, Karl Johans Gate. Nationaltheatret train and metro station, with excellent local connections and a direct train to Oslo Airport, is within a 5-minute walk. In addition, the law faculty of the University of Oslo is currently building a new facility in the immediate vicinity, which will add approximately 4,000 students to the area.
“We are excited about completing our first acquisition in Norway. We have been actively searching the Oslo market for the past 18 months and are delighted to have secured this opportunity which fits our value-add strategy extremely well. We are looking forward to refurbishing the property in the near term and creating a modern high-quality retail and office building in a rapidly developing part of the city,” comments Ed Williams, Managing Partner at CapMan Real Estate.
CapMan Real Estate was assisted in its acquisition by CBRE and CLP. Financing was provided by Danske Bank.
St. Olavs Gate 23 is CapMan Nordic Real Estate fund’s 21st investment. The focus of the €273 million fund is to acquire mainly office, retail and residential properties located in established submarkets of major Nordic cities. The fund was established in 2013.