Klepierre SA agreed to buy the Oslo City shopping and office complex for 528 million euros ($578 million) in a partnership with Norway’s Entra ASA, adding to its retail assets in major Scandinavian cities.
The companies will split the center’s retail and office assets and divide the parking spaces after buying the property from DNB ASA, Norway’s largest financial services group, Klepierre said in a statement on Monday. Steen & Strom, a Norway-based property company controlled by Klepierre, will contribute 344 million euros to the purchase price.
Klepierre, a Paris-based company that owns large retail centers in 16 countries across continental Europe, in October reported a 41 percent increase in revenue for the first nine months of the year. Indianapolis-based Simon Property Group holds a 20.3 percent stake in the company.
Oslo City in the Norwegian capital has 33,000 square meters (355,000 square feet) of retail space and 34,000 square meters of offices, according to the statement.