Developer Schage has sold the iconic Stortorvet 7 office building to pension company KLP for more than NOK 2.5 billion (around €217 million). The sale is the largest transaction of a single property in Norway since 2020.
Stortorvet 7 in Oslo city center is recognized as one of Norway’s finest buildings. The 32,700 square meter property lies between Karl Johans gate, Nedre Slottsgate and Grensen.
Stortorvet 7 is five historic buildings
The building consists of five historic buildings that are connected. They make up one large modern office and commercial building over 12 floors. The office is two-thirds of the building.
It is leased to 10 tenants, including EY, Spaces, Huddly, H&M, IKEA and also Reitan Convenience for approximately 12 years. Stortorvet 7 has BREEAM-NOR Very Good environmental certification.
Matilda Vinje, managing director of Schage, says, “We are very pleased to have completed Schage’s largest single-build transaction ever. For 12 years Schage has owned and developed this 32,700 square meter large property, with high architectural and historical value for Oslo. We are proud of the urban development concept that involves both expansion and modernization of the building. We have experienced a fantastic interest in the property, and received a large number of bids after the Colliers started the process in November. We finally chose KLP, which we are very happy about. Long-termism has always been an important prerequisite for us, and the property deserves solid and responsible owners such as KLP.”
Gunnar Dertz, managing director of KLP, says, “Stortorvet 7 will become one of the largest and most beautiful properties of KLP. The building suits us perfectly, strengthening our real estate portfolio. Stortorvet 7 is the largest purchase of a single property KLP has ever made, and is fully in line with our strategy.”
In February, Schage Eiendom received the City Prize for Stortorvet 7 project’s contribution to urban development. The city prize is awarded each year to a new building or rehabilitation project that has contributed to better buildings and cities.
Colliers was a broker in the transaction and the law firm Bahr was the seller’s legal advisor.
