CapMan Real Estate acquires modern office property in Oslo from KLP Eiendom

CapMan Nordic Real Estate II fund has acquired Brynsalléen 2, a modern office property located in Helsfyr/Bryn, Oslo.

Brynsalléen 2 is a 17,600 sqm office property located in Helsfyr/Bryn, one of the main office submarkets in Oslo. The property benefits from great access to public transport as well as the E6 motorway and Oslo circle road ring 3.

The 10-storey property developed in 1999 is fully let to Atea who has announced a future relocation in 2020. As such, the purchase of Brynsalléen 2 is a value-add scheme centrally located in an area scheduled for significant development over the coming years, with plans to create a vibrant urban floor in combination with significant residential development.

“We are very excited about the purchase of this property. The entire Helsfyr/Bryn area is going through a significant revitalisation and we see an excellent value add opportunity to upgrade the property for new tenants following Atea’s relocation,” comments Magnus Berglund, Investment Director at CapMan Real Estate.

Akershus Eiendom acted as the sell-side advisor for KLP Eiendom, while Albaran acted as legal advisors. CapMan appointed CLP as the buy-side legal advisor.

KLP Eiendom is wholly owned subsidiary of KLP (mutual insurance company responsible for the management of municipal- and county pensions and insurance issues in Norway), and one of Norway’s largest property companies. KLP Eiendom has a diversified property portfolio consisting of offices, shopping centres, hotels, educational buildings and leasehold sites. KLP Eiendom manages all KLP's property investments. The properties are located in Oslo, Trondheim, Stavanger, Bergen, Stockholm, Malmø, Copenhagen, Århus and London.

CapMan is a leading Nordic private asset expert with an active approach to value creation. CapMan offers a wide selection of investment products and services. As one of the Nordic private equity pioneers, CapMan has developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. CapMan has over €3 billion in assets under management and has a broad presence in the unlisted market through their local and specialized teams. Altogether, CapMan employs 140 people spread across Helsinki, Stockholm, Copenhagen, London, Moscow and Luxembourg.