Meyer Bergman Venture Agrees to $630 Million Oslo-Property Dealby
Meyer Bergman, a U.K. real estate investor that’s raising equity for a new fund, agreed to buy 11 properties in central Oslo for 5.3 billion kroner ($630 million) through a venture with an undisclosed client.
Soylen Eiendom AS and Madison Realty International are selling the buildings, which include the Steen & Stroem and Eger department stores, according to a joint e-mail.
“The vendors have done a fantastic job of bringing this portfolio to a stage when you can attract retailers like Hermes and Gucci,” Meyer Bergman Chief Executive Officer Markus Meijer said in an interview. “Norway is one of the most resilient economies in the world, in spite of the oil-price decline.”
Meyer Bergman is seeking to raise 900 million euros ($1 billion) in equity for a retail-focused real estate fund. The London-based investment firm is close to making an acquisition in Milan and also wants to buy property in Germany, Meijer said by telephone.
Investors bought 51.5 billion kroner of real estate in Norway in the first half, compared with 8.7 billion kroner a year earlier, according to data compiled by Real Capital Analytics Inc.