Steen & Strøm divests shopping center Farmandstredet for NOK1.8 billion
OSLO: NORWAY: Steen & Strøm has entered into an agreement for the sale of the shopping center Farmandstredet (Tønsberg), a news release said. Farmandstredet is 100% owned by Steen & Strøm AS.
The sale is based on a property value of NOK 1.8 billion, and is structured as a share deal. The buyer is Aurora Eiendom AS, a newly established Norwegian property investment company.
Farmandstredet is a shopping center in central Tønsberg , Vestfold’s administrative center and most important trading town.
With its 28,400 m and 126 stores, including the city’s only liquor store outlet, Farmandstredet is one of the country’s six largest shopping centers. The center had a total turnover of NOK 1.16 billion in 2006 . Of this, Christmas shopping in the last week before Christmas amounted to 63 million. Center manager is Stig Eriksen.
Steen & Strøm is a Scandinavian retail and real estate company that owns and operates 52 shopping centres in Norway, Sweden and Denmark.
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