Storgata, Oslo, Norway

Background and Opportunity

  • Purchase of near vacant 6,500m² mixed office and retail property in a good location in central Oslo from an institutional owner holding out for a single tenant
  • Revcap’s involvement was contingent on our JV partner securing 50% pre-lets
  • The business plan was to extensively renovate the property prior to leasing up on a multi-let basis and holding the end investment

Transaction Progress

  • The JV secured c. 60%+ pre-lets and the renovation was commenced

Current Status

  • After an opportunistic approach, the investment was sold to a local investor in 2017 at a level materially ahead of underwriting