MARK Capital Management Secures Historic Oslo Refinancing

MARK Capital Management, a pan-European real estate investment firm, has finalized a NOK 3.6 billion (€320 million) refinancing agreement for a prime mixed-use retail and office portfolio in Oslo's central business district. The record-setting facility was provided by Blackstone Real Estate Debt Strategies (BREDS) after a collaboration with lenders Rothschild & Co and ABG. This transaction marks BREDS' inaugural real estate debt financing in Norway. The portfolio, which is held in a joint venture with a Middle Eastern institutional investor and managed by Promenaden, includes historic properties such as Steen & Strøm, the world's oldest ongoing department store. Major luxury brands, including Gucci, Hermes, and Chanel, occupy spaces on Oslo's Nedre Slottsgate, likened to London's Bond Street. There is significant interest and investment from international parties, reflecting the portfolio's reputation as a premier retail destination. The refinancing facilitates further development and value extraction over the loan term, emphasizing the strategic importance of this high-end retail hub.