Oslo's third largest mall changes hands for €210m

Although financial details were not disclosed, the price is believed to be around €210 mln, representing the largest single asset transaction in Norway in 2018.

The transaction price reflects a net yield close to 4%, according to those who track the market.

Since developer Aspelin Ramm took over the logistics centre at Alna in 1978, it has transformed the scheme into Oslo's third largest shopping centre with nearly five million visitors a year. The 70,000 m2 centre concentrates on merchandise within construction, furniture, home and interior, sports and electronics, and has an annual rental income of NOK 94 mln.

'We have had a great interest over the years from investors, both Norwegian and international, who want to buy Alna senter,' said Gunnar Bøyum, CEO of Aspelin Ramm.
One of the reasons for the sale is that Aspelin Ramm primarily focuses on urban and real estate development and has no shopping centre management platform, he added.

'The sale is part of normal portfolio adjustments of a fully-developed property and frees substantial capital for new projects. We are very proud of what we have achieved with Alna senter. Price expectations were high.'

Advisor Pangea Property Partners put the asset up for sale in March this year.

The new owner has brought in LL Holding AS’ Lars Løseth, founder and former co-owner of the Amfi shopping centre chain, to manage the centre in the future. Løseth also strongly believes in the centre’s continued development and growth.

'Alna senter has a very strong position with an attractive location, strong tenants and solid sales. With around 1,100 parking spaces just outside Ring 3 and with the centre's mix of specialist trade, big box and retail shopping, it is especially suitable for merchandise categories that require a lot of space for handling and showcasing in the future,' he commented.

Pareto Securities advised the buyer.