Tristan Capital Partners, the London-based private equity real estate firm, has invested NOK 630 million (€75 million; $84 million) in a retail and office property in Oslo, Norway.
Tristan acquired Grensen 5-7 from Nordics-focused real estate investment management firm Genesta using capital from European Property Investors Special Opportunities 3, its €950 million European value-added and opportunistic fund.
The property is located on Grensen, a retail street in Oslo city centre. The property comprises 150,700 square feet of leasable space occupied primarily by Norway’s largest online marketplace Finn.no, retailer Lindex, online music service Tidal and sports retailer G-Sport.
Genesta originally made the acquisition in Grensen 5-7 from Genesta Nordic Baltic Real Estate, which was closed on €176 million in 2007 with equity from UK and Dutch pension funds and funds of funds.
“Following the divestment of Grensen, GNBRE has successfully divested assets of €235 million. According to IPD, GNBRE’s total annual return, over a five-year period, is 10.8 percent – substantially outperforming the IPD Standard Nordic Benchmark by an average of 3.5 percentage points per year,” David Neil, chief executive of Genesta, commented.
Akershus Eiendom acted as financial advisors and Wikborg Rein as legal advisors to Genesta in the transaction.