Aurora secures latest Norwegian retail asset for €177m

New Norwegian shopping centre company Aurora Eiendom has acquired a retail asset called Farmandstredet in Tønsberg for NOK 1.8 bn (€177 mln) from Steen & Strøm. 

Aurora Eiendom already has five shopping centres worth a total of NOK 4.8 bn in its portfolio.

Farmandstredet is the main shopping destination in Tønsberg and surrounding areas, and has already been upgraded and expanded several times.

In total, the shopping centre consists of 85 stores distributed over 28,300 m2 of retail area and houses brands such as Meny, H&M and Clas Ohlson, as well as the city’s only Vinmonopol, a state-run alcohol store.

Petter A. Stordalen, chairman of the board at Aurora Eiendom, said: 'Farmandstredet is a gem of a shopping centre. Situated in the heart of the summer city Tønsberg, it has been a vibrant meeting place for citizens of Vestfold and Telemark for over thirty years. We are looking forward to creating the shopping experience of tomorrow for this exciting region.'

Earlier in June, Aurora Eiendom acquired four shopping centres from Steen & Strøm AS: Vinterbro Senter in A°s Municipality on the outskirts of Oslo, Amanda Storsenter in Haugesund, Nerstranda in Tromsø and Nordbyen in Larvik. The four shopping centres had a total turnover of approximately NOK 3.2 bn last year. Farmandstredet, Aurora Eiendom’s newest acquisition, had a total turnover of approximately NOK 1.3 bn in 2020.

Lars Ove Løseth, CEO of Aurora Eiendom, added: 'The acquisition of Farmandstredet is an important step towards becoming one of Norway’s leading owners of shopping centres. Farmandstredet, with an annual footfall of approximately 5 million visitors, is a perfect addition to our growing portfolio. We look forward to managing and further developing Farmandstredet as one of South-Eastern Norway’s leading shopping centres.'

Løseth is also CEO of Alti Forvaltning, which owns 50% of Aurora Eiendom. Alti manages shopping centres all over the country and will also operate and develop Aurora’s shopping centres. The takeover of the first four centres took place on 1 July. The takeover of Farmandstredet is expected to take place on 8 July.

Alti Forvaltning has lately strengthened its organisation to handle the management of the new shopping centres. Katrine Mauset has been recruited from SpareBank 1 Nordmøre and will become chief financial officer at Aurora Eiendom.

Aage Lilleborg has been recruited from the position as regional director in Olav Thon Gruppen and will become chief operating officer with the main responsibility for Alti’s property portfolio, including the Aurora shopping centres.

Pangea Property Partners is the financial advisor, Ro Sommernes the legal advisor and Storm Communications the communications advisor for Aurora Eiendom.


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