Norway’s Entra Buys Oslo Office Rival for $1.5 Billion

Norwegian office providerEntra ASA, a target of at least three takeover bids over the past year, agreed to buy local rival Oslo Areal AS from Gjensidige Forsikring ASA and AMF Pensionsforsakring AB for 13.55 billion kroner ($1.5 billion).

Entra will add another 17 office properties in the Oslo area with 222,000 square meters (2.4 million square feet) of gross lettable area. It will finance the transaction through existing and new debt facilities.

“Oslo Areal is a perfect strategic fit for Entra, both in terms of portfolio location and its significant inherent development potential,” Chairperson Siri Hatlen said in ...