CBRE IM Sells Comfort Hotel Karl Johan in Central Oslo to Nrep

Real estate investor Nrep acquires 260-room hotel in Oslo from CBRE IM. Prime location near Oslo Central Station, shops, and restaurants.

CBRE Investment Management (CBRE IM) has recently completed a major refurbishment project on a hotel and commercial space, enhancing the property with various upgrades. The hotel saw an addition of 79 new rooms, while the retail and office spaces were revamped. Furthermore, the structure was extended over a courtyard, resulting in an extra 300 sq m of retail space. This significant acquisition was made through Nrep's latest and largest vintage in the NSF value-add series, NSF V. The fund, which closed at EUR 3.65bn, attracted substantial interest from existing investors, leading to oversubscription and making it the largest European real estate value-add fund to date.

The NSF V fund has been actively investing in various segments, with nearly NOK 3 billion already allocated to warehousing and logistics buildings in Norway this year. In addition to this, the fund has made other notable acquisitions. Nrep, the entity behind the fund, already owns the Quality Hotel River Station in Drammen, along with central hotels in Copenhagen, Stockholm, and Helsinki. The newly refurbished property will be the fifth hotel in Nrep's portfolio, all of which are operated by the environmentally conscious Strawberry Hotels group, known for its sustainability efforts and presence across the Nordics.

CBRE IM's successful refurbishment project and Nrep's strategic acquisitions reflect a strong commitment to enhancing real estate assets and delivering value to investors. The continued growth and diversification of the NSF V fund underscore the attractiveness of European real estate opportunities and the confidence of existing investors in Nrep's investment strategies.