(OSLO) – Hines, the international real estate firm, has successfully completed the sale of Karl Johans Gate 45 in Oslo, Norway.
The 5,100 sqm building was sold to Euro Real Estate by Hines on behalf of a real estate fund of Bayerische Versorgungskammer (BVK). Hines acquired the building in 2015 on behalf of BVK, one of Germany’s largest pension scheme groups, as part of its European high street retail mandate.
Located on Karl Johans Gate, the building is one of the most sought-after retail locations in Oslo. The building provides retail and office space over seven storeys, with major tenants including Hard Rock Café and Landkreditt Bank.
Ralf Peter, Managing Director at Euro Real Estate said: “Karl Johans Gate 45 represents a high quality mixed used asset on Oslo’s most prominent high street. We are making a long-term investment in Oslo’s thriving retail sector.”
James Robson, Hines’ Nordics regional head, said: “Karl Johan Gate was the first acquisition on behalf of BVK in the Nordics and we look forward to continuing to work with them across the Nordic region.”
Hines were advised by Akershus Eiendom and BAHR in the transaction, Euro Real Estate were advised by Cushman & Wakefield Realkapital and CLP.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 214 cities in 24 countries. Hines has approximately $120.6 billion of assets under management, including $66.5 billion for which Hines provides fiduciary investment management services, and $54.1 billion for which Hines provides third-party property-level services. The firm has 128 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,348 properties, totaling over 444 million square feet. The firm’s current property and asset management portfolio includes 512 properties, representing over 223 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world.
Since entering Europe in 1991, Hines has grown its European platform to include a presence in 55 cities in 13 countries and Hines currently has €16.7 billion of assets under management in Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Poland, Spain and the United Kingdom.
Visit www.hines.com for more information.
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