Foreign investors scoop up commercial real estate

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Norway’s still-booming real estate market isn’t confined to residential sales at record high prices. Foreign investors have never held such a large portion of Norwegian commercial real estate as they do now, reports newspaper Dagens Næringsliv (DN).

According to real estate brokerage firm Malling & Co, foreign investors have accounted for around 45 percent of sales volume so far this year. That’s up from 25 percent last year and just 10 percent in 2012.

Both Malling and Pangea Property Partners have logged record-high sales of business properties so far this year. Herman Ness, senior analyst at Malling, said most of the investors are from Europe and North America, with interest also coming from Asia.

Two large transactions contributed heavily towards lifting recent volumes, including the sale of a large shopping center concern to Finnish investors, while Statoil sold its headquarters building outside Stavanger to Colony Capital of the US. staff