Klépierre acquires Oslo City

By

Cajsa Lykke Carlson

Published
Jan 4, 2016

Klépierre, the French shopping center property company, has acquired the Oslo City shopping center through Steen & Strøm, its 56.1% controlled subsidiary. The acquisition was made jointly with its partner Entra.

Entra and Steen & Strøm have now started a demerger process of the holding company that owns Oslo City. When this is done, Steen & Strøm will fully own Oslo City and half of the parking spaces, for a net investment of €336 million.

Oslo City is located in the city's main transportation hub and has the highest footfall in Norway. The acquisition reinforces Klépierre's presence in Oslo, which is one of the wealthiest capitals in Europe. It also increases its position in Scandinavia, where Klépierre currently operates a shopping center portfolio worth €3.5 billion.