CPA:18 – Global acquires Oslo retail site
CPA:18 – Global, a retail estate investment trust, has paid around $105m for a multi-tenant retail site in Oslo, Norway. The seller is Coop Norge AS (COOP), the second largest grocery retailer in the country.
The property measures 1.8m sqft. and is located in Alna, one of the busiest retail clusters in Oslo. Tenants include COOP, Expert, Norway's second largest consumer electronics retailer, and Lampehuset, Norway's leading lighting retailer.
CPA:18 – Global has an approximately 90% ownership interest in the property and has entered a joint venture with local real estate specialist and Oslo-based developer, Winta Eiendom AS, who will act as local asset manager for the facility.
W. P. Carey Managing Director and Head of Global Investments, Jason Fox, commented: "This transaction offered the opportunity for CPA®:18 – Global to secure a high-quality retail asset in a prime Oslo location. Given the city's path of development and the strength of the existing tenancy at the site, we believe the investment offers attractive current cash flow as well as the opportunity for potential future development."
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