January 10, 2019

Debt financing of Værstetorvet and Kulturhuset, Fredrikstad

Pareto Eiendomskreditt (PEK) has provided debt financing for the acquisition of two properties in the Værste area in Fredrikstad.

Pareto Alternative Investments (PAI), through Pareto Eiendomskreditt, provided NOK 202 million in debt financing for the two properties Værstetorvet and Kulturhuset in the municipality of Fredrikstad. Kulturhuset was completely refurbished in 2007, while Værstetorvet was built in 2014/2015. Key tenants are Fredrikstad Kommune, Østfold Fylkeskommune, Rambøll AS, Atea, Griff Arkitektur and Værste AS. The properties will be operated by Værste AS, one of the leading developers in the area. The bond is cross collateralised by the two properties.

The project is owned by a Clarksons Platou syndicate, and Thommessen acted as legal advisor to PAI in the transaction.

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