AF Gruppen

M&A Activity • Aug 31, 2020

Purchase of office building at Fred Olsens gate 3b

Purchase of office building at Fred Olsens gate 3b

MAFO Holding AS, a company owned 45% by AF Gruppen, 45% by Møller Eiendom Holding AS and 10% by ODIN Utvikling AS, has entered into an agreement to purchase all the shares in the company FO3 Invest AS, which is 100%-owned by HCH Eiendom AS.

The company owns property with an existing gross building area of 4,440 sqm, facing Fred Olsens gate and Skippergata. The current permit is for mixed residential, business and office use.

“Refurbishment and development in the city centre represent an interesting segment for AF Gruppen. The fact that the project allows us to take an active role in urban development and create environmentally friendly solutions makes it especially attractive to us,” says Ida Aall Gram, EVP Property, HR and Communication at AF Gruppen.

The price of the shares is based on a net property value of MNOK 187, and the bid is conditional on satisfactory due diligence. The transaction is expected to be completed by the end of October 2020.

“HCH Eiendom is pleased that this fine property has now been taken over by a group of purchasers with excellent good development and operating expertise. The property deserves this uplift. The same goes for the whole district of Kvadraturen,” says Hans Peter Krohnstad, Chairman of HCH Eiendom.

For further information:

CEO, Amund Tøftum, tel. +47 920 26 712

EVP Property, HR and Communication, Ida Aall Gram, tel. +47 918 00 826