Acta Holding ASA - Real estate transaction in the US completed
Acta has since 1999 syndicated a significant number of real estate projects in Norway and Sweden. In the second half of 2005 the company completed the first projects in Germany and has since invested significant amounts in German residential apartments. Further diversification in relation to asset sourcing within real estate syndication has been obtained, as Acta has now completed the first real estate transaction in the US.
The client owned companies Næringsbygg Holding 3 AS and Kommersiella Fastigheter Holding 3 AB, have jointly signed a contract to purchase 75 % of a 24-story commercial building at downtown Manhattan, New York, for 500 million NOK. The seller will be a co-owner with 25 % interest.
The client owned companies Næringsbygg Holding 3 AS and Kommersiella Fastigheter Holding 3 AB, have jointly signed a contract to purchase 75 % of a 24-story commercial building at downtown Manhattan, New York, for 500 million NOK. The seller will be a co-owner with 25 % interest.
`The completion of the first real estate transaction in the US represents a major milestone for Acta`, says Simen Mørdre, CEO of Acta Holding ASA. `The last year we have worked actively to increase the number of markets we source real estate from, and we are currently working with projects in Norway, Sweden, the US, Germany, as well as other continental European countries in order to provide our clients with a good and steady flow of high quality real estate investments. In this context the US represents attractive opportunities`.
Acta is in real estate syndication projects entitled to a fee up to 6 % of the transaction value, given that the mandate agreed with the client on total project economics and annual direct yield is met. Parts of the fees will cover transaction costs.
Stavanger, May 22 2006
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