Steen & Strøm acquires Oslo City shopping center

Oslo City attracts more than 10 million visitors a year and generates among the highest retailer sales per sqm in Scandinavia.

Oslo City was included in the Steen & Strøm portfolio in January 1st 2016. Oslo City is one of Norway’s most attractive centers with the highest footfall of 10,6 million annually and among the highest turnover per sq.m. Total revenue was NOK 1.88 billion in 2015. Oslo City is located in a densely populated urban area, in close proximity to Oslo’s new office area, Bjørvika. The center has a strategic location with direct access to the central train, tram, bus and metro lines at Oslo Central Station.

The center has undergone several upgrades and is today a vibrant and inspiring meeting place. The center is especially well-known for its outstanding marketing campaigns which have achieved several awards, including “Solal Marketing Award Gold” in 2014 and 2013, and “the best Nordic Center” in 2010.

– Oslo City shopping centre will strengthen Steen & Strøm position as the leading shopping center company in Scandinavia. The purchase of Oslo City is in line with Steen & Strøms strategy as an owner, developer and commercial operator of the leading shopping centers situated in the most attractive marketplaces, says CFO Bjørn Tjaum, and adds that he is looking forward to further develop Oslo City shopping center together with existing and future tenants.

Steen & Strøm, will partly finance the acquisition with equity (MNOK 1,300), through a capital injection from its shareholders, Klépierre and APG, proportionate to their existing stakes.

1. januar 2016

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