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eufemias plass, B7

KLP acquires Oslo office scheme for €185m

Norwegian pension and insurance provider KLP has acquired an office development project in Oslo from property company and developer Oslo S Utvikling for NOK 1,740 mln (€185 mln).

Located in the Bjørvika office district in central Oslo, the project - dubbed Eufemia - comprises €22,400 m2 of office space and is 93% let to PricewaterhouseCoopers and Microsoft on 10 year lease terms from handover. It is set to complete in 2019.

Eufemia forms part of the Bjørvika development scheme which constitutes the largest Norwegian urban development project in modern times.

Oslo S Utvikling (OSU) is a Norwegian real estate company and property developer established in 2001. The company is owned by the companies Entra, Linstow and Bane NOR Eiendom, a former subsidiary of the National Railway Company.

OSU is responsible for developing approximately 380 000 m2 of the total 900 000 m2 of the zoned development for Bjørvika, some 10,000 of the 20,000 workplaces under construction and 2,000 of the 5,000 homes under development.

Already completed properties include the iconic buildings in the Barcode project, leased to firms including DNB, Deloitte, KLP among other.

OSU was advised by Akershus Eiendom.