Norwegian mall sells for €93-€100m in club deal

Norwegian investor NRP has purchased a shopping centre in south-west Norway for between €93-€100 mln, in a club deal.

Previous owners Coop Klepp and Dolphin Eiendom AS join the new syndicate of owners, retaining a 30% stake and a 5% stake in the asset, respectively. Around 20 companies form the syndicate, PropertyEU understands.

The Jærhagen mall comprises 57,000 m2 with 10,000 m2 of parking, following refurbishment which grew the space from 20,000 m2. Around 1.3 mln shoppers visit Jærhagen a year and the new owner is hoping this will rise to 3 mln.

Morten Berg, a partner at NRP, said: ‘The property is a modern centre that combines a large retail and shopping space, where much of the rent is secured on long contracts with good tenants with strong brand names. The equity in the transaction is geared towards a group of investors and it is exciting that Coop and Dolphin will join the buyer company. We look forward to this cooperation.’

Arild Holten of Dolphin Eiendom said: ‘We have worked systematically with good design combined with ensuring strong tenants who provide a high level of activity. It is therefore sad to sell, at the same time it is now natural to realize values according to the significant developments that have been made.’

Pangea Property Partners was the advisor in the transaction.

Linn Idsø Brenne, partner in Pangea Property Partners, said: ‘Jærhagen has a forward-looking design and a mix of shops, retail and activities that are attractive to both tenants and customers at the center. This profile, together with sales growth and solid key figures make Jærhagen interesting for many investors.’

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