February/March 2019 – Closed ended fund set up by Carnegie acquires Yttersø Businesspark, centrally located along Elveveien in Larvik (Vestfold County).
Yttersø Businesspark makes out a modern, high-end business campus comprising three interlinked office buildings and three stand-alone production/logistics facilities, with an associated parking facility and ample outdoor parking coverage. In addition to the existing buildings, three zoned land plots ready for development are included in the transaction, and represent a significant development potential.
The current building area totals 13,530 sq.m, of which 8,300 sq.m make out the offices, and 5,230 sq.m relate to the production/logistics space. The properties represent a close to fully let multi-tenant scheme, with an overall WALT of 6 years combined.
Yttersø Businesspark represents a full-service premium concept that differentiates it from competitors in the Larvik CRE-market. In addition to the high-end office facilities, the concept includes additional value-add services for its tenants, reducing the time and costs associated with lease administration and other administrative tasks. This is a key contributing factor to the success of Yttersø Businesspark and the strong retention rate of current leases. Yttersø Businesspark has also been awarded as ‘the building of the year’ by the municipality of Larvik in 2015 (NW: Byggeskikkprisen).
Among the properties’ several tenants, big names such as KPMG, BDO, Randstad, Falck Redning, Willis Towers Watson, Amesto and Canon Business Center all have offices at Yttersø Businesspark.
Hans Gaarder Eiendom will continue with a 20% ownership share in YBP and continue with the operational management of the properties. Further, they will focus on realizing the development potential.
Akershus Eiendom acted as the sell-side advisor for Hans Gaarder Eiendom, while Arntzen de Besche acted as legal advisors. Carnegie appointed Wikborg Rein as the buy-side legal advisor.
Hans Gaarder Eiendom (“HGE”) is a family owned investment firm focusing on modern commercial real estate facilities in the Larvik region. HGE owns a portfolio of 14 properties comprising 40,000 sq. m. The portfolio consists of modern offices, retail and production logistics properties.
Carnegie is among the leading Nordic investment banks and financial advisors. Carnegie Project Finance, the IB’s commercial real estate division, arranges direct investment opportunities in real estate projects for investment companies, wealthy individuals, foundations, and endowment funds as well as institutional investors. Investments range from value-add properties to long leases with solid counterparties.
Akershus Eiendom is the leading Norwegian property advisor established in 1992 providing a wide range of advisory services within capital markets, leasing, corporate solutions and research/valuation. During 2018, Akershus Eiendom executed transactions with a total worth of ~ NOK 13.8 billion in the Norwegian market divided between 47 transactions, while the 2019 YTD volume is NOK 2.6 billion. Since 2001, Akershus Eiendom has been JLL’s affiliated partner in Norway.
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