Madison Buys Statoil’s European Headquarters for $583 Million
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Madison International Realty LLC and a group of undisclosed investors bought Statoil ASA (STL)’s European headquarters in Oslo for about 430 million euros ($583 million).
The 65,000 square meter (700,000 square feet) office building was bought from IT Fornebu Properties ASA. (IPROP) Madison International, a New York-based investment company, provided 35 percent of the equity invested, Jones Lang LaSalle Inc., which advised Oslo-based ITFP on the sale, said in a statement today. Statoil, Norway’s biggest oil and gas producer, is leasing the building for 15 years.
Scandinavia is the second-most popular choice for investors in income-producing property in Europe behind Germany, according to a survey published last month by the European Association for Investors in Non-Listed Real Estate Vehicles. Office rents in Norway will rise the most in Europe over the next five years, Jones Lang estimates.
The group that is buying the building was put together by Norwegian investment bank Arctic Securities ASA, according to the statement. Jones Lang’s Norwegian affiliate, Akershus Eiendom AS, also helped handle the sale of the building on behalf of ITFP.
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