Oslo-listed Olav Thon Group has completed the €354 mln acquisition of a portfolio of five Swedish shopping centres for €354 mln.
Oslo-listed Olav Thon Group has completed the €354 mln acquisition of a portfolio of five Swedish shopping centres for €354 mln.
The transaction was first signalled in June as the third-largest property transaction in Sweden so far this year. The vendor was Steen & Strøm, the Nordic subsidiary of Paris-listed European shopping centre group Klépierre. Leimdörfer has served as sole financial advisor to Steen & Ström.
The portfolio comprises Familia (Hyllinge, 15,770 m2), Etage (Trollhättan, 16,600 m2), Mirum (Norrköping, 39,120 m2), MittiCity (Karlstad 16,000 m2) and Sollentuna Centrum (Stockholm, 35,710 m2).
The centres have been acquired by Thon Retail Properties, a subsidiary of Olav Thon Eiendomsselskap ASA, which is part of the Olav Thon Group, which is Norway's largest private property owner.
Olav Thom Group already owned three centres in Sweden and is seeking to position itself as one of the largest shopping centre players in the market. On completion of the portfolio transaction the Norwegian investor owns some 350,000 m2 of Swedish shopping centres with total annual retail turnover of €1.4 bn.
For Klépierre, the transaction is part of its asset rotation strategy. The transaction also releases financial capacity for Steen & Strøm to fund the future targeted development projects in Norway, Sweden and Denmark in the coming years.