CapMan Real Estate sells office property in Oslo to SiO

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CapMan Real Estate Press Release        
June 30, 2021 at 18:00 EET

CapMan Real Estate sells office property in Oslo to SiO

CapMan Nordic Real Estate Fund has agreed to sell St. Olavs gate 23, a 4,500 sqm vacant office building located in central Oslo, to the Norwegian student organisation SiO. The agreed property value is approximately NOK 290 million.

The historic property, originally constructed in 1900, was acquired by CapMan in June 2017 and was its first acquisition in Norway. The previously outdated office space has since then been stripped to its structure and prepared for a complete renovation which will reinstate the historical value of the property. A building permit has also been obtained, allowing for an extension of approximately 500 sqm into the rear courtyard.

“When we purchased this property in 2017, we were very much drawn towards the value-add opportunities we saw in this location. We could also see that the development of the adjacent new facilities for Oslo University at Tullinkvartalet would further strengthen the area itself as a cluster for higher education. The current high demand for modern properties and increased interest from organisations in the education and innovation sector makes the timing and result of this transaction optimal,” says Magnus Berglund, Investment Director at CapMan Real Estate.

“We are very pleased with the sale to SiO and their plans for long-term establishment in the property, which will contribute greatly to the entire area and provide a fantastic opportunity for the students in Oslo,” says Andreas Wang, Investment Director at CapMan Real Estate.  

Akershus Eiendom and CLP assisted CapMan Real Estate on the sale.

St. Olavs gate 23 is the 15th exit of the 2013 vintage value-add fund, CapMan Nordic Real Estate I, which has seven assets left in the portfolio. The team’s third Nordic value-add fund, CapMan Nordic Real Estate III, was established in September 2020 and has completed its final close with equity of EUR 564 million, exceeding its target size of EUR 500 million and reaching its hard cap.

CapMan Real Estate currently manages a total of EUR 3.6 billion in real estate assets. The Real Estate Team comprises over 40 real estate professionals in Helsinki, Stockholm, Copenhagen, Oslo and London. The team was awarded UK & European Opportunistic Property Manager of the Year at the 2020 Professional Pensions Investment Awards.

For further information, please contact:

Magnus Berglund, Investment Director, CapMan Real Estate, tel. +46 70 786 68 08

Andreas Wang, Investment Director, CapMan Real Estate, tel. +47 932 28 700


About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. Our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, wealth management, and analysis, reporting and back office services. Altogether, CapMan employs around 150 people in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012. Read more at




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