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Klepierre Sells Four Norway Shopping Malls for $336 Million

Dec. 2 (Bloomberg) -- Klepierre SA, Europe’s second-largest publicly traded shopping mall operator, sold four shopping centers in Norway for 247 million euros ($336 million) to help finance projects in the Nordic region.

Steen & Strom AS, a company controlled by Paris-based Klepierre, sold a 90 percent stake in the properties to Partners Group and Sektor Gruppen, according to a statement today. The malls accounted for 1.8 percent of Klepierre’s rental income in the first nine months.

The sale is part of Klepierre’s plan to sell some assets and buy others to improve its profitability. Klepierre last year announced a plan to raise 1 billion euros from asset sales by the end of 2013. On Oct. 23, the real estate investment trust said it had completed or reached agreements to sell 900 million euros of assets since the target was announced.

Klepierre agreed to acquire the 50 percent stake it didn’t already own in a shopping center in Montpellier, France, the company said today in a separate statement. Klepierre bought the mall from Icade, the company said, without disclosing the price.

Klepierre fell 0.5 percent to 33.99 euros at 10:56 a.m. in Paris trading. The stock has gained 13 percent this year, compared with an 8.6 percent gain on the Bloomberg EMEA REIT Index.

Simon Property Group Inc. owns about 29 percent of the French company’s stock.

To contact the reporter on this story: Dalia Fahmy in Berlin at dfahmy1@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net

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