OSLO, NORWAY: Steen & Strøm has entered into an agreement for the sale of four shopping centers in Norway including Amanda Storsenter (Haugesund), Nordbyen (Larvik), Vinterbro (Follo) and Nerstranda (Tromsø), a news release said.
Amanda Storsenter, Nerstranda and Vinterbro are owned 100% by Steen & Strøm AS. Nordbyen is owned 50% by Steen & Strøm and 50% by KLP, KLP is also part to this transaction regarding its 50% stake’s disposal.
The sale is based on a property value of NOK 2.6 billion, and is structured as a share deal. The buyer is Aurora Eiendom AS, a newly established Norwegian property investment company.
The disposal is in line with Steen & Strøm’s asset rotation strategy for optimizing its portfolio. The agreement is not subject to any material conditions and the closing of the sale will be made effective in early July 2021.
Steen & Strøm is a Scandinavian retail and real estate company that owns and operates 52 shopping centres in Norway, Sweden and Denmark. In 2006 the shopping centers had 3,300 lessees with total revenue of about NOK 40 billion.
