Property Week – 90 North purchases Centrica HQ

In the media

90 North Real Estate Partners has acquired the newly constructed Centrica Energy HQ office building in Stavanger, Norway, for €32m (£22m).

The 111,492 sq ft office building (pictured), which also includes 143 car park spaces, is located on the Stavanger waterfront just a short distance from the city centre.

Stavanger is the capital of the oil and gas industry in Norway and is one of Europe’s fastest-growing cities. The property is fully let to Centrica Energy Norway, a division of international energy FTSE 100 company Centrica, for a 10-year term.

“This transaction highlights our commitment to invest in highly efficient, modern real estate assets leased to well known and prosperous international companies such as Centrica,” said Cherine Aboulzelof, partner and head of Continental Europe at 90 North. “Among other factors, the solid macro-economic conditions, the size of its sovereign wealth fund and low funding costs in Norway have all led to commercial real estate in the country being an attractive proposition for international investors.”

The building is the company’s fifth acquisition in Europe and the vendor was Norwegian conglomerate Det Norske Veritas.