Purchase and syndication of EngeneKvartalet in Drammen


North Bridge Capital AS organized a syndicate that purchased EngeneKvartalet in Drammen (40 min outside of Oslo). The seller of the property was Sparebanken Øst (local bank) which also was the developer of the property. EngeneKvartalet is considered an important part of the development of the city center in Drammen. The property was completed in late 2011 and main tenants are Rambøll Norway and EY. The property has a constructed area of 12,200 sqm. covering 7 floors including underground parking. Annual lease income is in excess of MNOK 15 and the transaction was based on a net purchase yield just below 7%.

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