Madison International Realty is buying 38,000 sqm of commercial assets in a Norwegian urban project. Manager said it is acquiring the ground level assets in the Bjorvika development for an undisclosed sum. The Bjorvika development is composed of six development stages, Sorenga, Sorengkaia, Munch Brygge, Barcode, Bispevika North and Bispevika South.

Madison has acquird Sorenga, Sorengkaia and the associated parking facilities at Sorenga. They agreement to acquire Munch Brygge. Oslo S Utvikling has accepted a bid from Madison for the ground level commercial assets in Barcode and the northern part of Bispevika. Oslo S Utvikling is the developer of most of the assets.

Madison International Realty was founded in 1996. The company is a real estate investment firm specializing in providing liquidity solutions to real estate investors. It is a secondaries investor in real estate sector with a focus on Class A properties.

Bjørvika is expected to become Oslo’s new cultural district with several of Norway’s cultural institutions.

Source: IPE

Fulya Altunyay/[email protected]