OSLO, Norway—Madison International Realty, a New York-based investment company, has completed the acquisition of an additional 59.5% interest in the Statoil office complex in Oslo, Norway for approximately $110 million (NOK 680M).

Announcement of the deal follows news earlier this week of Madison increasing its stake in an Oslo department store partnership.

Madison acquired its original 35% equity stake in the building in 2012, which represented the second largest single asset transaction in the Norwegian market of the year. Madison's further 59.5% interest comprises a 30.0% equity stake that it has acquired from Koksa, a Norwegian PLC formerly known as IT Fornebu, and a 29.5% stake purchased from various individual investors. This brings Madison's total equity stake in the asset to above 90%.

“This is a significant transaction for Madison as it has allowed us to acquire majority ownership of one of Oslo's most iconic office buildings by providing an exit strategy for existing investors,” said Derek Jacobson, managing director at Madison. “The Statoil office complex is a prime, well-located and well-let asset in a core market that is well positioned to benefit from the strong Norwegian real estate market.”

The 65,768 sqm (721,000 square foot), nine-story class A asset is let in its entirety to Statoil ASA, a leading energy and gas production company, on a 15- year lease. Located in the Fornebu sub-market of Oslo, the asset is well placed to benefit from its proximity to a number of other domestic and international blue-chip company corporate headquarters.

The transaction was facilitated by legal counsel Line Ravlo-Losvik at Wikborg Rein and arranged by Arctic Securities ASA.  JLL & Akershus advised the buyer.

'We are pleased that our stake in Statoil's Fornebu building has now been acquired by Madison, whom we recognize to be a very serious investor,” said Kjell Kalland, managing director at Koksa Eiendom AS, the largest selling shareholder. “We are delighted that through this transaction we have released significant funds in order to develop our company's other real estate at Fornebu.”

Madison International Realty is a leading liquidity provider to real estate investors worldwide. The company specializes in acquiring existing ownership interests in core properties and portfolios, providing JV equity and acquiring partial interests in order to monetize embedded equity or effectuate balance sheet recapitalizations. Akershus Eiendom is the leading commercial real estate agent in Norway, offering transaction, leasing, research and valuation services for Norwegian commercial real estate. Since 2001, Akershus Eiendom has been JLL's Norwegian alliance partner.

In addition, Madison and Schage Eiendom disclosed earlier this week that Madison has acquired a 50% stake in The High Street Shopping company (HSS). On completion of the acquisition, which was made in consultation with Søylen Property, the majority shareholder and managers of Promenaden Property AS, Madison and Søylen own 100% of the assets which have a combined value in excess of US $240 million (NOK 1.5 B).

HSS is a 50/50 partnership between Schage Property AS and Promenaden Property AS. It was founded in 2011, and acquired Norway's oldest department store, Steen & Strøm Magasin (Kongens gate 23, 27 and 29 in Oslo), as well as the neighboring property Karl Johans gate 16, for more than EUR 120 million.

In 2013, Madison acquired a 30% stake in a newly formed joint venture company, Promenaden Property AS, with Søylen holding the rest.