VIA Outlets, a partnership that includes Dutch pensions group APG among its investors, is buying an outlet centre near Oslo for NOK1.1bn (€118m).
The partnership was formed in 2014 by outlets specialist Retail Value and also includes UK-listed company Hammerson and fund manager Meyer Bergman.
Norwegian Outlet Oslo, which is being sold by family-owned Glastad Holding and Fortus, will provide a second Scandinavian asset to VIA Outlet’s portfolio of 11 buildings.
Timon Drakesmith, CFO of Hammerson and chairman of VIA Outlets’ advisory committee, said: “This acquisition will strengthen VIA’s foothold in the attractive Scandinavian market and deliver synergies with our other asset in Gothenburg, Sweden.”
He said the Norwegian retail centre had “gone from strength to strength” since it opened in 2010. “We plan to take it to the next level through our platform’s marketing reach, targeted investments and other asset management initiatives.”
Norwegian Outlet Oslo is located in Vestby, 40km south of Norway’s capital city, and has 16,000sqm of retail space.
Its occupiers include Hugo Boss, Timberland and Under Armour.
VIA Outlets said average annual sales growth for the shopping centre’s tenants had been 15% over the past five years. Last year, some 960,000 people visited the centre.
In November last year, VIA Outlets bought four retail centres worth €587m in Germany, Portugal, Spain and Poland, taking the partnership’s portfolio to €1.1bn.
Advisers involved in the Norwegian deal were BA-HR, Deloitte and Holte for VIA Outlets and Akerhus Eiendom, Thommessen and BER for the vendors.
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