Tristan Capital Partners’ EPISO 4 opportunity fund has sold the landmark Telegrafen building in Oslo, Norway, for €210 million.
A syndicate headed by Arctic Securities has bought the 25,500 sq m building which was recently renovated.
EPISO 4 acquired the historic Telegrafen Building, located at Kongens Gate 21 in Oslo’s Kvadraturen district, in 2016 by with co-investment from the Malling and Vedal families. The subsequent renovation project created modern Grade A office space. In March 2021, over 3,200 sqm of food and beverage offerings will be opened on the ground floor with the intention of increasing footfall to the area throughout the day.
This year the project was awarded a BREEAM Very Good rating in recognition of its focus on sustainability in design and operation.
Halvor Sand, commenting on behalf of Tristan Capital Partners, said: “When we acquired the asset with our joint venture partners, Malling and Vedal, our plan was to reposition this iconic building as a dynamic work and leisure destination in the heart of Oslo.”
Originally completed in 1924 as the headquarters of telecommunications company Telenor and was once the largest office building in Oslo. The building is currently the workplace of 900 office employees working for companies including Norconsult, Bane Nor and Nordic Office of Architecture.
EPISO 4 was advised by Malling & Co, Savills London and Thommessen on the sale. Anvil Asset Advisors acted as asset manager for the joint venture.