Norwegian shopping centre landlords Salto Eiendom and Scala Retail Property have merged their businesses to create Norway's fourth largest retail owner.
Salto Eiendom and Scala Retail Property, which currently own a portfolio of 10 shopping malls each, will join their platforms as part of plans to become a leading player in the Norwegian shopping centre property industry.
The new combine, to be known as Scala Eidendom, will be led by 38-year-old executive Hans Jørgen Mørland, and will own a portfolio of 20 properties encompassing 250,000 m2 of space with an annual rental income of NOK 425 mln (€45 mln).
Shareholders include Norwegian grocery wholesale group Norgesgruppen with a 42% stake, and property landlords Fredriksborg (34%), and Schage Eiendom (24%).
'Our goal is to create the top environment for management, development and operation of shopping centers in Norway,' commented Mørland.