NEW YORK—New York-based Madison International Realty has completed the acquisition of a $71 million interest in the Statoil complex in Oslo, Norway, a 721,000-sq.-ft., class A office building in the Fornebu submarket of Oslo.
The nine-story property includes nearly 850 parking spaces and is currently 100 percent leased to Statoil ASA.
Prior to the current transaction the Statoil complex was owned by IT Fornebu (ITF), a Norwegian company. ITF will now be joined by Madison, an experienced investor specializing in joint ventures.
“Madison is an ideal partner for owners and developers seeking to monetize equity embedded in their assets,” said Derek Jacobson, managing director at Madison. “As real estate fundamentals in core markets continue to improve, owners, especially developers, seek creative ways to extract capital from their existing portfolios in order to pursue other opportunities.”