Valad, the European multi-let real estate investment manager, has sold a 24,300 m2 office and retail property in Oslo. The financial details of the transaction were not disclosed.

The buyer of Tevlingveien 23 was Wenaas Eiendom, a wholly owned subsidiary of Norwegian investment group Wenaasgruppen.

Constructed in 1999, Tevlingveien 23 comprises retail on the ground and first floors, with offices on the next 10 floors. The property is let to more than 20 tenants including JYSK, Bohus, Gothia and Firesafe. The new owner is currently developing a hotel on the site adjacent to the asset.

Valad said it sold Tvlingveien 23 following the completion of its business plan for the asset, which reduced vacancy levels from 16% to 4% and brought in JYSK as the new anchor retail tenant.

The asset was held in Valad's Diversified UK and European (DUKE) joint venture with Lloyds Banking Group.

Owned by its management and Blackstone, Valad manages EUR 1.2 bn of assets in the Nordic region, spread across five of its 15 European mandates. In all, Valad manages EUR 4 bn of assets in Europe.