2016-07-05
Madison International Realty, a New York-based investment company, announces that it has completed the sale of the Statoil office complex in Oslo, Norway for NOK 3.9 Billion (€419 M) to a club of local investors established by Arctic Securities, representing a 5.4% cap rate
Madison has agreed to a sale of the property for NOK 3.9 billion to a club of local investors advised by Arctic Securities, representing one of the largest transactions in the Norwegian market this year. Per the terms of the transaction, Arctic Securities will also assume the existing NOK 2.24 billion bond. The seller was advised by Akershus Eiendom and JLL.
The award-winning, 65,768 sqm (721,000 square foot), nine story Class A asset was constructed for, and is let in its entirety to Statoil ASA until 2027, a leading energy and gas production company. Located in the popular Fornebu sub-market of Oslo, the asset benefits from its proximity to a number of other domestic and international blue-chip company corporate headquarters.
Derek Jacobson, Managing Director at Madison International Realty, said:
"Madison is pleased to have completed the sale of the Statoil building at Fornebu to clients of Arctic Securities. We believe the success of our investment validates our strategy of buying interests in quality assets and portfolios. We remain focused on Norway and look forward to future opportunities in the market.”
Mads H. Syversen, CEO at Arctic Securities, said: “Arctic Securities has arranged a solid and highly professional ownership structure for the Statoil building at Fornebu, a well-established office and residential area with exciting future prospects. The investment opportunity received great interest among our clients. Arctic established the entire capital structure of the transaction – equity, preference shares and a junior bond – and we are excited to follow this project going forward together with our investors.”
FACTS/
The Arctic Group is a leading, independent provider of financial services. Arctic has an extensive global network connecting clients from around the world, and the Arctic group of companies comprises investment banking services, ship- and offshore brokerage, asset management and insurance brokerage. The companies of the Arctic Group are located in Oslo, Stockholm, New York, Singapore and Rio de Janeiro.
Madison International Realty Arctic Securities
Nicklas Tollesson
nicklas@nordicpropertynews.com
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Madison Exits Stake In Statoil HQ
7월 6, 2016 | BY PAUL BUBNY
Statoil headquarters in Oslo
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.
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TUE JUN 9, 2015
BRIEF-Statoil sells headquarters to Colony Capital for NOK 2.6 bln
(Reuters) - Statoil Asa
* Says has entered into an agreement with Colony Capital for sale of its head office building at Forus in Stavanger
* At the same time the company is signing a 15-year lease agreement with an extension option
* The property value is in excess of 2.5 billion Norwegian crowns ($321.3 million)
* Covering around 100,000 square metres, the office building has been subject to extensions and upgrading several times since the first building stage was finished in 1979 Further company coverage: ($1 = 7.78 crowns) (Reporting By Oslo Newsroom)
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Statoil sells head office building at Forus, signs lease
June 9, 2015
Norwegian oil giant Statoil has informed of entering into an agreement with Colony Capital, Inc. for sale of the company’s head office building at Forus in Stavanger, Norway. At the same time the company is signing a 15-year lease agreement with an extension option.
The company says that the office building, covering around 100,000 square metres, has been subject to extensions and upgrading several times since the first building stage was finished in 1979. The last upgrade involving a new business and conference centre opened last year. According to Statoil, the property value is in excess of NOK 2.5 billion ($ 320.46M).
Senior vice president Kåre Thomsen, who is responsible for Statoil’s office buildings, says: “The premises at Forus East remain our corporate head office, and with this agreement we ensure a long-term perspective for utilization of the property.”
Put up for sale last winter, the property was marketed both in Norway and internationally.
“The agreement is the result of a successful sales process, and we believe that Colony Capital is a long-term and good owner of the building. As lessee Statoil will still be responsible for operation and maintenance of the property, while the sale releases capital for developing our core activities,” says Thomsen.
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Madison Announces Final Close Of Fund V At $825 Million
April 2, 2014
Madison International Realty announced the final closing of its latest fund, Madison International Real Estate Liquidity Fund V, LP (Madison V), with $825 million of equity commitments from a global roster of institutional investors.
The final closing of Madison V exceeded its $750 million target, according to Ronald M. Dickerman, Madison’s Founder and President.
“We are very pleased with the robust and broad support we received from investors around the world who continue to find our unique class A, direct secondary strategy both differentiated and compelling. Madison V is our third consecutive fund to be oversubscribed,” Dickerman said. “Our success in this latest capital raise underscores our continued ability to source, underwrite and execute on investments which deliver an asymmetric risk/return in the class A real estate space.”
Madison International Realty specializes in acquiring partial ownership and joint venture interests in class A properties and portfolios in primary markets in the U.S., U.K. and Western Europe. The firm also provides joint venture equity to owners, sponsors and investors who are seeking to monetize existing equity positions, restructure balance sheets, or to replace existing capital partners.
Madison V has already deployed approximately 40% of its capital commitments into closed investments including one California Plaza, a 42-story, class A office tower in downtown Los Angeles and the Saks Fifth Avenue retail store in Union Square in San Francisco. International investments include Songbird Estates Plc, which controls London’s Canary Wharf, the New Century House office building in Dublin, Ireland, and the Statoil Office Complex in Oslo, Norway.
“By utilizing our well-established product sourcing channels, we have already identified a dynamic pipeline of prospective investment opportunities and we anticipate maintaining this pace of activity for the balance of the year,” Dickerman said.
Madison V involved a global capital raise to a diverse group of investors worldwide, he said. In addition to U.S. public pension funds, corporate pensions, insurance companies, endowments, foundations and family offices, Madison investors include institutions in Europe, Middle Eastern sovereign wealth funds and institutional investors in Asia and Australia.
Colony Capital chairman: buy homes for lease in S. Korea
최초입력 2013.10.10
“South Korea’s ‘jeonse’ rental system will swiftly switch to monthly rental.”
Thomas Barrack, founder and chairman of one of the world’s largest real estate investment company Colony Capital, made such comment regarding the lump-sum rental deposit system in a recent exclusive interview with Maeil Business Newspaper.
“I don’t think Korea’s jeonse system would endure, given that low interest rates undermine landlords’ interest incomes, while the aging society and low economic growth suppress the demand for housing,” chairman Barrack said.
Chairman Barrack said Korea’s snowballing “house poor” is comparable to the US’ ballooning subprime mortgage, which triggered the global financial crisis.
“When many Americans could not pay for interests on their mortgage loans and lost their homes, we found an investment opportunity by purchasing around 20,000 foreclosed homes at cheaper prices and renting them on a monthly basis,” the chairman of Colony Capital said. “A similar business model can be established if the house poor problem exacerbates.”
Both Korea’s economic growth and real estate market remain sluggish, unsettling the foundation of the primary housing financing, the jeonse system. This makes the country an emerging bad asset market to foreign investment agencies.