Arctic acted as sole manager for the NOK 597,5 million real estate project finance project Kremmergaarden Invest AS.
Kremmergaarden Invest AS owns two properties that defines the city center of Ålesund. 78% of the gross rental income derives from public tenants such as NAV, Ålesund kommune and Møre & Romsdal Fylkeskommune as well as Nordea. In the transaction, Arctic has consolidated two of the few new and modern office buildings in the center of Ålesund, a structure that will provide operational synergies.
In the transaction Arctic has arranged a private placement NOK 265 million from a group of investors sourced in cooperation between Arctic Capital and Arctic Securities. Arctic has also arranged for the bond financing of the transaction.