Kuwait-based commercial real estate company Al Tijaria said it has entered the real estate market in Norway with a KD4 million ($13.7 million) investment.

The company bought a 49.64 per cent stake in a property in Norwegian capital Oslo in alliance with a group of investors. ‘Arzan Wealth’ acted as a consultant for the investment deal.

Announcing the deal, chairman Abdulfatah Marafie said the Norway launch is in line with Al Tijaria's strategy to acquire good and income-generating assets and help maximise the shareholders’ equity.

The prime property, which was constructed in 2010 on a total land area of 82,231 cu m, is fully rented to Onninen AS Company, a leading electrical wholesale distributor with strong presence in the Nordics and Baltics.

The property consists of a special building which is being used as the Onninen head quarters and key distribution warehouse to serve their 28 storeys besides another building used as a warehouse with high specification with a total construction area of 25,974 cu m.-TradeArabia News Service