Tristan Fund Acquires Landmark Telegraph Building In Oslo for NOK557 Million
EPISO 4, the opportunity fund advised by pan-European real estate investment manager Tristan Capital Partners, has acquired the landmark former Telegraph Building in central Oslo from Telenor Group for NOK 557 million (€62.2 million). Co-investing in the office city development project are the Malling and Vedal families.
European Property Investors Special Opportunities 4 (EPISO 4) has acquired Kongens Gate 21, a building of 25,000 sq.m. that occupies an entire block of the Kvadraturen district. Kvadraturen is an historic area in the heart of Oslo where Norway’s Parliament Building stands. It is a vibrant neighbourhood offering high-end shopping, entertainment, culture and dining.
Daniel Harris, Managing Director for the Nordic and CEE Regions at Tristan Capital Partners, said: “This remarkable building presents a rare opportunity to deliver modern Grade A office space in one of the most desirable parts of Oslo. We are very aware of its architectural and historical significance and will be working closely with the respective authorities to ensure that the redevelopment respects the integrity of this Oslo landmark.”
Kongens Gate 21 was designed by the renowned architects Magnus Poulsson and Arnstein Arneberg, who also designed Oslo City Hall. With its marble stairways and a fresco painting by Alf Rolfsen adorning the main public vestibule, the neo-Baroque building opened to acclaim in 1924 as Norway’s then largest office building. The property was extended in 1966 along more minimalist lines, typical of the style at the time.
Telenor has occupied the property since it opened and will lease around 2,100 sq.m. for its telecommunications installations. The remainder of the building is vacant. Vedal will manage the development and renovation and Malling the leasing of 25,000 sq.m. of new office and retail space.
Advising EPISO 4 on the purchase were Malling & Co, which has partnered with other Tristan funds on their Norwegian investments. Helaba acted as sole lender and arranger on the transaction.
Source: Tristan Capital Partners Press Release