Youngstorget 5 sold

Heilo Eiendom has assisted SpareBank 1 Østlandet with the sale of the office property Youngstorget 5 in central Oslo. The buyer is Storebrand Eiendomsfond Norge KS, and the transaction is structured as a sale-and-leaseback comprising 100% of the shares in Youngstorget 5 AS.

Youngstorget 5 is an iconic corner building with façades onto both Youngstorget and Torggata – strategically located a stone's throw from the new Government Quarter. Built in 1898 and comprising 5,279 sq m, the building has undergone several refurbishments and today presents as a modern property. SpareBank 1 Østlandet has at the same time signed a long-term lease securing the bank's presence for many years to come.

In a press release on behalf of the buyer, portfolio manager Andreas Henriksen Lerøy states: "We are a diversified fund across the office, logistics, retail and hotel segments. We are very pleased to increase our office weighting in Oslo with Youngstorget 5. We look forward to working with SpareBank 1 Østlandet and taking over the management of this fine property."

Storebrand Eiendomsfond Norge is Norway's largest unleveraged property fund. Following the acquisition, the fund owns 24 properties worth more than NOK 17 billion. The fund is owned by 54 Norwegian institutional investors, of which Storebrand Livsforsikring owns just over 25 per cent.

"SpareBank 1 Østlandet is very pleased that Storebrand Eiendomsfond Norge is acquiring Youngstorget 5 AS. For the bank, this is part of its balance sheet management, and it has been important to secure our continued presence in the building with a well-reputed owner. With Storebrand Eiendomsfond Norge, the bank feels it has achieved exactly that," says Johan Røstøen, Executive Vice President for Operations and Integration.

We congratulate the buyer and seller on an excellent transaction, and thank them for an orderly and professional process.

Photo: Knut Neerland, Magent Fotografer