News archive

R8 Property makes transformative acquisition in Oslo

Oslo, 1 April 2022: R8 Property has entered into an agreement with Skanska Commercial Development Norway to acquire Parallell for NOK 750 million, an office building in Økern, Oslo. – This is our largest transaction of all time and a quantum leap for the company, says CEO, Emil Eriksrød.

At the same time, Evolve (owned by R8 Property) enters a lease agreement for additional five floors at Parallell. The transaction is expected to be completed in November 2022, and is based on a gross property value of NOK 750 million, adjusted for increased rental income. 

R8 Property has a financial reservation before the final completion of the transaction (the Evolve contract is not covered by the reservation). 

The sustainable and modern office center is a 15 storey building of 19 000 sqm, and it was completed in 2020. The building is designed to provide maximum utilization of daylight. A flexible area design also gives tenants the opportunity to design and adapt the rental area themselves.

  • Our goal is to continuously challenge the real estate industry and set new standards for quality, sustainability and technology. This building match our ambitions, says Eriksrød. 

  • Skanska is very satisfied that Parallell is defined as an environmentally and climatefriendly building – with daylight, views and flexibility that users of the building can enjoy, says Skanska Commercial Development Norway’s CEO, Synnøve Lyssand Sandberg. With the Evolve contract for another five floors, the building will be 66% leased. We look forward to welcoming even more people to the office facilities that Parallell has to offer. 

Emil Eriksrød places special emphasis on the following: 

  • Parallell is built according to strict climate standards, focusing on energy efficiency and recycling of materials, and has therefore received a temporary BREEAM Excellent certification in the design phase.

  • Parallell is developed with a focus on well-being for the users of the building. As a result of that, the building has obtained WELL Building Standard’s indoor climate certification WELL Core Gold pre-certification.

  • We have acquired a green building which ensures flexible working space and a healthier working environment. Outside the building is a square with outdoor furniture, green areas and city bikes, says Eriksrød. 

  • Through the years we have gained experience in filling buildings quickly with tenants. We have succeeded with this before, and I’m convinced that potential tenants will take advantage of the opportunities the buildings provide, he says. 

With the acquisition of Parallell, R8 Property is taking a quantum leap towards the goal of a real estate portfolio worth NOK 5 billion. The company is considering a private placement to secure funds for further growth.  

Facts about R8 Property: 

  • Owns and manages 29 properties with a value of NOK 2.7 billion

  • Total portfolio of 108 966 sqm

  • Head office in Powerhouse Telemark, Porsgrunn.

  • Has won the Norwegian Tenant Index for six consecutive years 

Facts about Parallell: 

  • Address: Lørenveien 73, Økern, Oslo

  • Opened: 2020

  • Area: 19 024 sqm

  • Environmental certification: BREEAM Excellent (design phase)

  • Indoor climate certification: WELL Core Gold

  • Contractor: Skanska Norge AS

  • Builder: Skanska Commercial Development Norway

  • Architect: Arcasa Arkitekter AS

For further information, please contact: