European Property Investors Special Opportunities 3 (EPISO 3), the opportunity fund advised by pan-European real estate investment adviser Tristan Capital Partners, has sold four retail parks and two land plots in Norway to Oslo-based Ragde Eiendom AS for circa €160 million.
The assets comprise Stoa Vest retail park in Arendal, which was acquired in 2016 and three assets that formed part of a larger retail park portfolio that Tristan acquired in 2015.
These include Breiviksenteret in Ålesund, Tune Handelspark in Sarpsborg and Grenland Handelspark in Grenland. Four assets from the original portfolio have already been sold off individually to local buyers.
Jean-Philippe Blangy, Head of Asset Management, said: “Over the past few years we have made significant improvements to the rent roll by extending key tenant leases and securing new high quality names. In total, we have renewed or secured new leases for more than 41 million NOK across 36,000 sq m and 23 leases.
“Operationally, all assets are in good locations and are currently performing very well with an average occupancy of 96% and WALT in excess of eight years, demonstrating why well-diversified retail parks remain attractive to consumers. The transaction also included the development of a new service center for Tesla in Sarpsborg.
“We have now delivered the majority of the business plans we put in place when we were acquiring the assets and we are pleased to pass them on to the highly experienced team at Ragde Eiendom AS.”
This sale is the latest transaction for Tristan in Norway, where funds advised by Tristan have secured financing of NOK 1.9bn and signed leases for more than 20,000 sq m across the Tristan portfolio.
The fund was advised by its operating partner Anvil Asset Advisors and law firm Thommessen.
RPA Perspective It’s been a busy 2019 for Tristan in Norway. Tristan Capital Partners’ third European property opportunity fund sold a 14,000 sq m mixed-use retail/office building in the capital of Norway for NOK900m (€92m) in March.
European Property Investors Special Opportunities Fund (EPISO 3) sold the asset at Grensen 5-7 to a syndicate of investors structured by Clarksons Platou Real Estate, the manager said.
Jean Philippe Blangy, the head of asset management at Tristan Capital Partners, said: “We started investing in Norway a decade ago and over that time the market has emerged as an increasingly desirable destination for international capital.”
Tristan Capital Partners has executed 17 transactions valued at over €1.4bn in the Nordics since 2009. Seven of the transactions in Norway have completed since the end of 2015, with a total value above NOK5bn.
“We have been particularly active in the Norwegian office sector in recent years, as reflected in this latest disposal in Oslo, where we have regeared all four current tenants and secured one additional tenant over the past four years,” Blangy said.
In February, it set out to raise €1.5bn for its latest European opportunity fund, has raised €1.7bn at close following an oversubscription.
The manager said the European Property Investors Special Opportunities 5 (EPISO 5) fund was almost 100% oversubscribed, with around €1.5bn of unfulfilled demand.
Tristan said EPISO 5 has a total of 39 investors including both existing and new clients, with a repeat investor rate of approximately 60%.
Clients are predominantly from the pensions, family office and foundations, insurance and sovereign funds sectors.
