Nordic retail specialist Steen & Strøm has sold a shopping centre, valued at NOK 800 mln (€90 mln), in Norway.
The 21,6010 m2 Lillestrøm Torv is a shopping centre in Lillestrøm, a city located 18 kilometres east north-east of the capital Oslo. The buyer of the asset is DNB Scandinavian Property DA, a fund managed by Norwegian insurer, DNB Liv.
The sale is based on a property value NOK 800 mln, and is structured as a share deal.
Lillestrøm Torv was owned 100% by Steen & Strøm, whihc in turn is owned by the French-based European shopping centre REIT Klépierre (56.1%) and the Dutch pension Fund APG (43.9%).
Steen & Strøm said the sale was in line with its asset rotation strategy to optimise its portfolio. The capital released by the sale will strengthen the group's financial position in order to help fund the development pipeline, as well as potential acquisitions in Scandinavia.
Pangea Property Partners acted for DNB. There was no advisor on Steen&Strom's side.
