Colliers acted as sales advisors to Base Gruppen in their disposal of K8 – A prime newbuild office property in Stavanger

Colliers are pleased to announce our role as sales advisors to Base Gruppen in their disposal of K8 – A prime newbuild office property centrally located in Norway’s energy and engineering capital Stavanger. The property was sold for approximately 1.1 billion NOK, and has a total gross lettable area (GLA) of 15,330 square meters, with a wault of 12 years. The building is designed by Schmidt Hammer Lassen and constructed by Skanska. CMS Kluge was the legal advisor for the seller, while Thommessen was the legal advisor to the buyer Storebrand.

Alfred Ydstebø, CEO of Base, says there has been interest from several parties since the zoning plan was approved in August 2020, and this interest has increased as the building has taken shape. Now the time was right.

"It has been important for us to complete the project before we considered a sale or partnership. With the agreement now made, we have the opportunity to do so – in Storebrand, we have found an owner who is concerned with urban development, stands for long-term stability, and security for tenants, visitors, and the public at large. This means a lot to us," says Ydstebø.

"There have been many good forces working together, and here I would like to mention the municipal administration. The result has exceeded all expectations; we have achieved what we wanted in terms of both content and architecture. The final piece, the new park, will also be in place during the fall. Many can look forward to this," says Ydstebø.

"We are impressed by Base’s ability to execute such a complex project as K8. We are therefore very pleased to have finalized the purchase of the building on behalf of our life insurance customers. We are convinced that the region will continue to develop strongly and that the investment will provide good returns for our customers," she says.

Brenne says Stavanger is a very exciting region, where Storebrand is already well established as the owner of Kvadrat. Now they look forward to expanding the portfolio with Stavanger’s new landmark.

"Our investment philosophy is based on the green shift; in K8, we get an ecologically, socially, and economically sustainable building. Becoming the owner of a building that is to be certified as Breeam Excellent, and possibly Outstanding, as well as Well Platinum, is a great achievement for us," says Brenne.