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Simon partner to buy Oslo shopping center for $578M

December 14, 2015

Klepierre SA, which is co-owned by Indianapolis-based Simon Property Group, has agreed to buy the Oslo City shopping and office complex in Norway for $578 million in a partnership with Norway’s Entra ASA, adding to its retail assets in major Scandinavian cities.

The Oslo City shopping mall in the Norwegian capital of Oslo has about 355,000 square feet of retail space and 366,000 square feet of offices. Built in 1988, the mall is visited by about 50,000 people a day, or about 16 million a year. The five-story center has about 95 stores.

The companies will split the center’s retail and office assets and divide the parking spaces after buying the property from DNB ASA, Norway’s largest financial services group, Klepierre said in a written statement on Monday.

Steen & Strom, a Norway-based property company controlled by Klepierre, will contribute $378 million to the purchase price.

Klepierre, a Paris-based company that owns large retail centers in 16 countries across continental Europe, in October reported a 41 percent increase in revenue for the first nine months of the year.

Simon Property Group holds a 20.3 percent stake in the company.

 

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