Steen & Strøm divests four shopping centers in Norway

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 (Steen and Strøm share), 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.

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