Newsec Advisor when Nordea Liv sells Property in Oslo Suburb
The two properties are located in the center of Sandvika and have a total gross area of approx. 11 700 sqm, including a parking garage with some 100 lots, as well as 50 apartments. The area distribution between residential care and retail sections is approx. equal. Nordea Liv has owned the properties since 1999.
"The sale gives us scope for new purchases in an exciting real estate market. We use a good market to gain a profit from this sale", says the Investment Director for property in Nordea Liv, Nils Arne Gundersen.
The investment in Sandvika is the first move by the UBS fund in Norway.
“We are very excited to announce this deal which is historic in the sense that it’s UBS’s re-entry on the Norwegian market. Nordea Liv is an important player on the real estate market and we feel honoured to get their trust once again”, says Håkon Styrvold, Head of Capital Markets, Newsec Advisory in Norway.
About Nordea Liv
Nordea is the Nordic region's largest financial group. Nordea Liv Norge offers life and pension insurance to businesses and private customers. Total assets totaled NOK 123.4 billion, distributed by NOK 50.8 billion in customer portfolios for products with interest guarantee, NOK 62.1 billion in the customer portfolio for products with investment choices and NOK 10.4 billion in the owner's portfolio.
The proportion of property in the guarantee portfolios at the end of the third quarter of 2018 was 12.2 per cent, which amounted to approx. NOK 6.2 billion. Real estate investment yielded a return of 7.4 per cent in the third quarter of 2018.
About UBS (CH) Property Fund Europe
UBS (CH) Property Fund Europe is managed UBS Asset Management Real Estate & Private Markets (REPM). REPM has invested ca. 106 billion US dollar on behalf of its clients in 22 countries worldwide. More than 2,100 assets are actively managed by 550 experts in 14 countries.