Niam acquires four shopping centers in Norway (NO)
Wednesday 25 January 2012
In 2010 Niam bought the shopping center manager Sektor Eiendomsutvikling AS and Linderud Center in 2011. Through this acquisition, Niam strengthens its presence in the Norwegian shopping center market.
“Based on Sektor Eiendomsutvikling and Niam’s combined competence and financial capacity, we feel confident that this will be a good investment for Niam,” says Kjell Sagstad, Senior Director and heading up Niam’s operations in Norway.
Through this disposition, Oslo Areal leaves the retail real estate industry.
“We want to focus on office properties in the Oslo area and have therefore chosen to dispose of the four shopping centers we had in our portfolio. We are happy to have come to an agreement with Niam and we are convinced that Niam through its asset manager will develop these centers to the benefit of both tenants and customer,” says Oslo Areal’s CEO Mona Ingebrigtsen.
Arctic Securities acted as the broker in the transaction.
The shopping centers
Strandtorget is Lillehammer’s biggest shopping center with 65 tenants including many major clothing chains, Clas Ohlson and multiple restaurants. The shopping center has a turnover of approximately one billion NOK a year.
Stadionparken is located near Hinna Park in Stavanger and has a close connection to Viking Stadion. The shopping center has more than 30 tenants with operation in various fields.
CC-Varehus and Torget Vest are both located in central Drammen. Both shopping centers have approximately 30 tenants including bigger clothing chains, niche retailers, restaurants and cafés.
Sektor Eiendomsutvikling is currently asset manager for both Strandtorget and Stadionparken while CC-Varehus and Torget Vest are being managed by Ticon AS.