Klepierre Sells Norway Shopping Malls for $336 Million
(Corrects timing of asset sales announcement in third paragraph.)
Klepierre SA (LI), 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 90 percent of 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 by disposing of offices to focus on malls. 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 also said it agreed to acquire the 50 percent stake it didn’t already own in a shopping center in Montpellier, France, from Icade. The company didn’t disclose the price.
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