DNB Livsforsikring to sell Oslo City

DNB will sell Oslo City to a consortium consisting of Entra and Steen & Strøm. The property is valued at approximately NOK 5 billion.

Oslo City is a combined shopping centre and office building with a total floor space of 80,535 square metres. The property covers a whole city block and has a very central location in the immediate vicinity of Oslo Central Station. 

"We are happy to have succeeded in our negotiations to sell Oslo City with two well-recognised and professional players in their respective markets. We have owned the building since 1994, and during these years, Oslo City has been developed to become one of Norway’s best shopping centres. The next development phase will take place under new ownership," says Tom Rathke, group executive vice president in DNB.

"Developing, purchasing and selling properties is an integral part of being a large player in the property market, and we are prepared to purchase and sell other properties to further develop our property portfolio. Over the last few years, we have reduced our property portfolio through sales, which is mainly due to good transaction opportunities. In turn, this has given us the chance to realise strong gains for our pension customers," says Rathke. 

Pangea Property Partners has acted as adviser for DNB.

Contact: 

Vidar Korsberg Dalsbø
Communications adviser DNB
Tlf: 99380389, vidar.korsberg.dalsbo@dnb.no