Wikborg Rein assisted Madison regarding purchase of 59.5 % interest in the Statoil Oslo office

Wikborg Rein has assisted Madison International Realty in the purchase of 59.5 % of the shares in Martin Linges vei 33 AS (ML 33). ML 33 owns indirectly the Statoil office on Fornebu that is let out to Statoil ASA on a 15 years lease. 

Madison purchased 35 % of the shares in ML 33 in 2012-2013, and the new acquisition brings Madison's ownership above 90 % of the shares.

The nine story asset is divided into five equal modules piled up in a seemingly random design and consists of 66,800 sqm (721,000 square foot) of offices and 1995 parking lots in the basement (51,500 sqm). The building has won a number of awards for its characteristic structure.

The purchase price was approximately EUR 85 million (NOK 680 million). The total property value in ML 33 is confidential, but in the initial purchase in 2012-2013, it was set to NOK 3.2 billion.

Madison's 59.5 % purchase comprises a 30.0% equity stake that it has acquired from Koksa Eiendom, a Norwegian PLC formerly known as IT Fornebu, and a 29.5 % stake purchased from various individual investors.

Wikborg Rein has assisted Madison with negotiations, contract documents, due diligence, closing, etc.

The Wikborg Rein team included i.a. partner in charge dr. juris Line Ravlo-Losvik in co-operation with Haakon Blaauw, Are Zachariassen, Leif Petter Madsen, Erik Leganger, Simen Klevstrand, Usman Ivar Shakar, Trude Gran, Erik Sverdrup Mår and others.

The transaction is further described in several Norwegian and international internet sites:

See link from Property Mall.com (English)
See link from Bloomberg (English)

For Norwegian links, please see here:

See also link from NE Nyheter (Norwegian)
See also link from NE Nyheter (Norwegian)