A fund managed by Meyer Bergman and investor clients have co-invested in Norwegian retail property portfolio for NOR5.3bn (€554m).

The investors bought the 11 prime properties in central Oslo from Søylen Eiendom and Madison International Realty, which owned 65% and 35%, respectively.

Meyer Bergman has bought assets from Madison Realty in the past.

Its first investment in Norway was a central Oslo property sold by Madison for €30m in late-2014.

The portfolio, near Karl Johans Gate, include the Steen & Strøm and Eger Karl Johan department stores.

Tenants include Hermes, Gucci and Bottega Veneta.

Markus Meijer, chief executive at Meyer Bergman, said: “The portfolio is made up of prime assets in a superb location in Oslo that is a magnet for Norwegian shoppers and tourists.

“The luxury retail offer in Oslo is still quite limited for a city with such a wealthy and growing population, which is why we see plenty of scope to add value to these assets for our investors.”

Carl Erik Krefting, chairman and founding partner of Søylen Eiendom, said the company has owned the portfolio for six years.

Krefting said it will remain involved in the management of the business.