Northern European private equity group Niam has acquired four shopping centres in Norway. Although the financial details of the transaction were not disclosed, the price is understood to be over EUR 100 mln.
Northern European private equity group Niam has acquired four shopping centres in Norway. Although the financial details of the transaction were not disclosed, the price is understood to be over EUR 100 mln.
The vendor was Oslo Areal, which is stepping out of the retail real estate industry. Arctic Securities acted as the broker in the transaction.
Commenting on the rationale for the deal, Niam's CEO Johan Bergman told PropertyEU: 'We see Norwegian private consumption and the country's overall economy doing remarkably well, especially compared to the rest of Europe, so we decided to build up our presence in the market.'
The shopping centres - offering a total of 65,000 m2 of retail area - are Strandtorget, Stadionparken, CC-Varehus and Torget Vest. They are nearly fully let.
Stadionparken is Lillehammer's biggest shopping center with 65 tenants and an annual turnover of NOK 1 bn (EUR 130 mln). Stadionparken is located near Hinna Park in Stavanger and has more than 30 tenants. CC-Varehus and Torget Vest are located in central Drammen. Both shopping centres have approximately 30 tenants including bigger clothing chains, niche retailers, restaurants and cafés.
'We see a possibility to improve the tenant mix further and to add floor space in the future,' added Bergman.
Niam has been ramping up its presence in the Norwegian shopping centre sector in recent years. In 2010 it acquired shopping centre manager Sektor Eiendomsutvikling, which asset manages both Strandtorget and Stadionparken.
A year later Niam acquired the Linderud Center mall.
Headquartered in Stockholm, Niam has invested over EUR 5 bn through its own funds or on behalf of its financial partners in the Nordics and Baltic States since 1998.
