Meyer Bergman, the privately owned real estate investment management firm, has launched Oslo Promenaden Fashion District, a new retail neighbourhood in Norway’s capital city.
In collaboration with other landlords and it’s Oslo-based property management firm, Promenaden Management, the district consolidates several of Oslo’s exclusive shopping areas, comprising around 800 luxury brands, restaurants and cafés spread across seven streets.
'We’ve launched Promenaden Oslo Fashion District to provide a tangible brand for the world’s premium retailers to look towards when thinking of Nordic expansion,' commented Fredrik Kumlin, vice president at Meyer Bergman. 'We have also been working to invest in the area’s beautiful period architecture, enhancing heritage features wherever we can to create an attractive environment for our customers to enjoy and our retailers to thrive in.'
Meyer Bergman acquired the 12 asset portfolio in the historic city centre of Oslo in 2015, as the seed transaction for Meyer Bergman European Retail Partners III. Targeting a final close in September, this fund is the latest of its value-add funds focusing on dynamic Western European gateway cities for urban, retail-driven investment opportunities. The Promenaden portfolio sits alongside 9 other assets, providing exposure to over €1.6 bn of GAV in cities including London, Berlin, Milan, Dublin, and Oslo.
While the scheme is anchored by Landmark’s, Steen & Strøm Department Store and Eger shopping gallery, signings this year include Balenciaga, which joins global fashion houses Hermès, Burberry, Gucci, Bottega Veneta and the more recently opened Louis Vuitton.
'Drawing on our experience from Burlington Arcade – our Landmark asset in London’s prestigious Mayfair – and other global luxury destinations, we have introduced various aspects here that are set to contribute to Promenaden’s success in the Nordic market,' concluded Kumlin.
