Selvaag Bolig sells Eivind Lyches vei 10 in Sandvika

Selvaag Bolig sells the fully let office building Eivind Lyches vei 10 in Sandvika to a Vika Project Finance set-up with Urbania Eiendom.

Selvaag Bolig bought the property in 2016 from Aberdeen Eiendomsfond Norge I. The intention was to build residential flats on the site. Now, part of the plot is demerged for that purpose, whereas the remainder with the office property is sold to Urbania Eiendom / Vika Project Finance.

The office property Eivind Lyches vei 10 consist of a 16,000 sq.m. office property originally set up for Statoil (Equinor) in 1989. The Municipality of Bærum leases the entire building while their own property, Kommunegården in Sandvika, is being refurbished.

- The original plan was to develop residential properties on the entire site. However, the area plan for Hamang proposes partly commercial use on the site. Based on environmental and financial considerations, it was not justifiable to demolish a property from the end of the 1980s in order to build a new one. It is not within our core activity to manage and develop commercial properties. Therefore, we chose to sell the property, says Øystein Klungland, executive director for Greater-Oslo in Selvaag Bolig.

- The office building has a good and central location in Sandvika with short distance to all facilities and public transport. Our main focus is for the Municiaplity to have a well-functioning administration building. We will also focus on developing the property to release possible added value, says Johannes Thorsnes in Urbania Eiendom.

Selvaag Bolig was advised by Akershus Eiendom. Urbania Eiendom was advised by Vika Project Finance.

Selvaag Bolig is a publicly listed residential property developer established some 70 years ago. The company acts in the entire value chain from purchase of sites to sale and delivery of turn-key residential properties. At any given point in time they have several thousand residential units under development in Greater-Oslo, Bergen, Stavanger and Trondheim, as well as in Stockhom.

Urbania Eiendom is a privately held property company focusing on commercial and residential properties.

Vika Project Finance AS is an independent Norwegian provider of investment opportunities in the Nordic real estate market for domestic and international investors alike. The Company is founded by six professional partners, all with extensive experience from top tier companies within the real estate market. Vika Project Finance AS is owned 50/50 by the founding partners and ABG Sundal Collier ASA.