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Aberdeen Standard targets Oslo – buys asset from Mark

Aberdeen Standard Norway Balanced Property Fund has acquired a mixed office and retail asset in Oslo from company Promenaden High Street, part of Mark, formerly known as Meyer Bergman.

The 4,829 sq m Akersgata 16 had been extensively modernised and upgraded by Promenaden.

The asset has 12 tenants including coffee shop chain Kaffebrenneriet and furniture store Vitra Scandinavia on the ground floor, and energy and fiberoptic infrastructure supplier HCA Melbye.

Akersgata is one of Norway’s most important streets and is home to the Norwegian parliament and the Regjeringskvartalet complex, which hosts several government departments.

Further investment in Norway can be expected from Aberdeen Standard. “We have several funds and mandates that plan to increase their exposure in Oslo, and will thus be active on the buyer side going forward,” said Aberdeen Standard’s head of transactions for the Nordic region Jens-Petter Guthus.

The price of Akersgata 1 has not been disclosed. Aberdeen Standard Norway Balanced Property Fund has a portfolio consisting of nine properties valued at approximately NOK1.5 billion (€143 million).

Akershus Eiendom was the broker in the transaction.