7 July 2017
Reporter: Theo Andrew

Oslo warehouse purchased for £49.4 million

Fabritius Gruppen has acquired the Onninen Distribution Warehouse in Oslo from Bjorgen Property Investment Holdings for £49.4 million.

The Norwegian property owner and developer purchased the 25,000-square metre office and warehouse space located in Berger Industrial Park.

The two-building asset is 100 percent let to Onninen and is used by the logistics company as its headquarters.

According to Fabritius Gruppen, it is a continuation of the group’s strategy to own and develop logistics properties in Oslo area, and brings its overall portfolio to more than 200,000 square metres with a value of approximately £321 million.

Asgeir Solheim, CEO at Fabritius Gruppen, said: "We know this property and its tenant very well. The site is adjacent to our project at Berger where we have a 13,800 square metre warehouse under construction which is due to complete in Q2 2018.”

Nick Judd, founder and head of investment at 90 North, which advised the seller in the deal, said: “The sale of the Onninen property follows a period of very attractive income returns from the property.”

“In the current investment climate, the ongoing global ‘hunt for yield’ and resulting limited supply of high quality assets being offered for sale, we were naturally reluctant to recommend a sale. However, the sale price achieved was very attractive.”

90 North advised Bjorgen Property Investment Holdings and Arzan Wealth acted as strategic adviser.

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