4 februari, 2019

New Norwegian parking company

Pangea adviser when Bane NOR Eiendom and Eiendomsspar teaming up

In mid-January, it was announced that Bane NOR Eiendom and Eiendomspar establishes a new 50/50 joint venture acquiring two large and centrally located parking facilitates in Oslo and Asker. The sellers are several private owners, including Bane NOR Eiendom which until now has owned 25 percent of the company Oslo S Parkering AS. The two parking properties are located in direct connection to Oslo Central Station and suburban station Asker and comprise a total of 1,165 parking places. The gross rental income is about NOK 50 million and the properties have a combined gross asset value of approximately NOK 1 billion.

Pangea Property Partners was adviser in the transaction including the financing arrangement. So far, we have advised on about 60 transactions and advisory mandates with an underlying property value above EUR 3.5 billion since the beginning of 2018, including a number of sizeable transactions in January 2019.

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