Madison Exits Stake in Statoil HQ

The 721,000-square-foot property is 100% leased to Statoil until 2027.

OSLO—Madison International Realty has completed the sale of the Statoil office complex here for NOK 3.9 billion (US$465 million or EUR 419 million). The new ownership is a club of local investors established by Arctic Securities. At a 5.4% cap rate, the Statoil building sale is one of the largest in Norway thus far in 2016. Norway’s largest oil and gas producer, Statoil ASA is the sole tenant of the 721,000-square-foot office property. The European headquarters lease runs until 2027; the property benefits from its proximity to a number of other domestic and international blue-chip company corporate headquarters within Oslo’s Fornebu submarket. Madison came into ownership of the Statoil building three years ago via a 35% stake as part of a group that was put together by Arctic Securities, Bloomberg Business reported in 2013. Subsequently, the New York City-based private equity firm increased its ownership stake from 35% to 90%, acquiring a 30% equity stake from Norway-based Koksa and a 29.5% interest from individual investors. We believe the success of our investment validates our strategy of buying interests in quality assets and portfolios,” says Derek Jacobson, managing director at Madison International. “We remain focused on Norway and look forward to future opportunities in the market.” Per the terms of the transaction, Arctic Securities will also assume the existing NOK 2.24 billion (US$267 million) bond. Madison International was advised by Akershus Eiendom and JLL. OSLO—Madison International Realty has completed the sale of the Statoil office complex here for NOK 3.9 billion (US$465 million or EUR 419 million). The new ownership is a club of local investors established by Arctic Securities. At a 5.4% cap rate, the Statoil building sale is one of the largest in Norway thus far in 2016. Norway’s largest oil and gas producer, Statoil ASA is the sole tenant of the 721,000-square-foot office property. The European headquarters lease runs until 2027; the property benefits from its proximity to a number of other domestic and international blue-chip company corporate headquarters within Oslo’s Fornebu submarket. Madison came into ownership of the Statoil building three years ago via a 35% stake as part of a group that was put together by Arctic Securities, Bloomberg Business reported in 2013. Subsequently, the New York City-based private equity firm increased its ownership stake from 35% to 90%, acquiring a 30% equity stake from Norway-based Koksa and a 29.5% interest from individual investors. We believe the success of our investment validates our strategy of buying interests in quality assets and portfolios,” says Derek Jacobson, managing director at Madison International. “We remain focused on Norway and look forward to future opportunities in the market.” Per the terms of the transaction, Arctic Securities will also assume the existing NOK 2.24 billion (US$267 million) bond. Madison International was advised by Akershus Eiendom and JLL.