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Schage sells Stortorvet 7 to KLP for over 222 million euro

Press release -

Schage sells Stortorvet 7 to KLP for over 222 million euro

Schage sells the iconic and award-winning office building Stortorvet 7 to KLP for a gross property value of over 222 million euros. The sale marks the largest transaction of a single-property in Norway since 2020.

Stortorvet 7 is recognized as one of Norway's finest buildings, located in the heart of Oslo city center with 360-degree views. The property, spanning 32,700 square meters, is a central hub between Karl Johans gate, Nedre Slottsgate, and Grensen. The building consists of five historic buildings connected and transformed into one large modern office and retail building over 12 floors. The office section accounts for 2/3 of the building. Stortorvet 7 holds a BREEAM-NOR Very Good environmental certification and is leased to 10 attractive tenants with a remaining lease term of approximately 12 years. The major tenants on the office side include EY, Spaces, and Huddly, while well-known names such as H&M, IKEA, and Reitan Convenience occupy the retail spaces.

- We are very pleased to have completed Schage's largest single property transaction ever. Over the past 12 years, Schage has owned and developed this 32,700-square-meter property, which holds high architectural and historical value for Oslo. We are proud of the urban development initiative, which involves both expansion and modernization of the building. We have experienced tremendous interest in the property and received a large number of bids after Colliers initiated the process in November. Ultimately, we chose KLP, which we are very happy about. Long-term perspective has always been an important prerequisite for us, and the property deserves solid and responsible owners like KLP, says Matilda Vinje, CEO of Schage.

- Stortorvet 7 will become one of KLP's largest and most magnificent properties. The building fits us perfectly and strengthens our property portfolio. Stortorvet 7 is the largest purchase of a single property KLP has ever made and aligns perfectly with our strategy, says Gunnar Gjørtz, CEO of KLP.

Winner of the City Prize for the project's contribution to urban development in Oslo
In February, Schage Eiendom received the City Prize for the contribution of the Stortorvet 7 project to urban development. The City Prize is awarded annually to a new construction or rehabilitation project that has exceptionally contributed to better buildings and cities. The jury in Norsk Eiendom described the Stortorvet 7 project as one that has demonstrated impressive precision with tailored solutions. A whole quarter with highly complex building structures, and only 3,500 square meters of new construction, has been transformed into a modern building that has significantly increased the number of jobs in the city center and has very satisfied users. The City Prize is a great recognition for Schage Eiendom's development project.

Colliers has been the broker in the transaction, and the law firm Bahr has been the seller's legal advisor.

For more information:
Matilda Vinje, CEO of Schage Eiendom, Tel: +47 99 60 18 50, Email: mv@schage.no
Gunnar Gjørtz, CEO of KLP Eiendom, Tel: +47 55 54 85

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About Colliers
Colliers is a leading diversified professional services and investment management company. With operations in 68 countries, our 19,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 29 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.3 billion and $96 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.

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