Madison International Sells Premier Oslo Office Asset
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Statoil office building, Oslo
Oslo and New York—Less than two years after Madison International Realty increased its stake in the Statoil office complex in Oslo, Norway, the investment company has sold the 721,000-square-foot property to a Norwegian consortium of investors led by Arctic Securities. The regional headquarters building, fully leased to international energy company Statoil ASA until 2027, fetched $465 million in one of Norway’s largest office transactions year to date.
Keen on the Norway real estate market and the Statoil tower in particular, Madison had snapped up a larger interest in the asset for $110 million in October 2014, boosting its original 35 percent equity stake—purchased soon after the complex’s completion in 2012—by an additional 59.5 percent. Two appears to have been a magic number at the Statoil building, with Madison making strategic moves for the property every two years until now. Timing is everything, and the timing is good for sellers in Oslo’s office sector…
