Listed Nordic retail specialist Citycon has agreed to acquire the 31% minority stakes in the Storbyen and Sjøsiden shopping centres in the Oslo region and the Oasen mall in Bergen, on Norway’s southwestern coast, for an equity sum of €31 mln.
Listed Nordic retail specialist Citycon has agreed to acquire the 31% minority stakes in the Storbyen and Sjøsiden shopping centres in the Oslo region and the Oasen mall in Bergen, on Norway’s southwestern coast, for an equity sum of €31 mln.
Citycon already owned a 69% interest in the three shopping centres, which were part of the Sektor Gruppen acquisition in July 2015.
'The portfolio is in line with our focus on necessity-based shopping centres in urban locations. Full ownership will allow for more efficient administration and we see value-add potential in all the properties through further asset management initiatives,' said Nils Styf, Citycon’s chief investment officer.
Helsinki-based Citycon announced in May that it was acquiring Oslo-based Sektor Gruppen in a move which has propelled it to the largest retail real estate specialist in the Nordics and the third-largest in Europe excluding the UK.
The new combine has assets under management of some €5 bn.
