Storebrand fund acquires from DNB

Storebrand Eiendomsfond Norge KS is acquiring the office building from DNB Næringseiendom AS. Heilo acted as broker in the transaction, which was completed off-market. The acquisition means Norway's largest property fund continues to grow. Following the acquisition, the unleveraged fund owns 22 properties worth approx. NOK 15 billion.

Brugata 19 is a centrally located office building with Grønland metro station as its nearest neighbour and a short walk to Oslo Central Station. Several new buildings by the country's leading urban and property developers have contributed to a positive transformation of the area, and a number of ongoing projects will further lift and strengthen the attractive location. The corner building was constructed in a functionalist style in 1998 and has highly visible exposure towards Nydalsveien and the Akerselva river. The building is fully let to solid tenants and comprises approx. 7,100 sq m over ten flexible office floors plus one lower ground floor.

We thank the buyer and seller for a good collaboration, in which two professional parties ensured an efficient and orderly process.