Retail outlet centre specialist Via Outlets is adding an asset in Olso to its pan-European portfolio for NOK 1.1 bn (€120 mln).
Norwegian Outlet Oslo is the second Scandinavian asset in Via Outlets' portfolio, which will comprise 11 properties in total following the acquisition, scheduled to complete in mid-September.
Via Outlets is a joint venture between Dutch pension investor APG, UK REIT Hammerson, European retail property fund manager Meyer Bergman and outlet centre operator Value Retail. Norwegian family-owned Glastad Holding and Fortus were the vendors.
Norwegian Outlet Oslo opened in 2010 in Vestby, 40 kilometres south of Norway's capital city, and last year attracted 960,000 visitors.
The centre provides 16,000 m2 of retail space after a recent extension. The occupiers of its 56 units include Hugo Boss, Timberland and Under Armour. The centre’s tenants have enjoyed average annual sales growth of 15% during the past five years.
Timon Drakesmith, CFO of Hammerson and chairman of VIA Outlets’ advisory committee, said: 'Norwegian Outlet Oslo has gone from strength to strength since it opened. We plan to take it to the next level through our platform’s marketing reach, targeted investments and other asset management initiatives. This acquisition will strengthen VIA’s foothold in the attractive Scandinavian market and deliver synergies with our other asset in Gothenburg, Sweden.'
