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Credit: Pangea

NOK 4.8bn retail deal in Norway

Pangea Property Partners is proud to have acted as financial adviser, debt adviser, and Joint Manager/Bookrunner in the creation of Aurora Eiendom and the acquisition of five Norwegian shopping centres valued at NOK 4.8bn (EUR 473m) in total.

The first four centres are signed and acquired from Steen & Strøm (Klépierre / ABP) / KLP. Aurora Eiendom has also signed a letter of intent (LOI) to acquire a fifth large Norwegian shopping centre at ca. NOK 1.8bn from an institutional owner. The five centres have a total gross lettable area of 109,000 sqm and an annual footfall of approx. 13.5m.

In total, a directed equity issue close to NOK 1.4bn has already been pre-subscribed by 11 cornerstone investors. An additional NOK +600m will be raised in a private placement in June. Aurora Eiendom is supported by leading Norwegian banks (DNB and four savings banks in SpareBank 1-alliansen). The company has growth ambitions and is planning to list on Euronext Growth in Oslo, during 2021.

Pangea’s team consisted of: Håvard A. Nustad, Bård Bjølgerud, Erik Høvik, Sondre Aarseth Skjerven, Aleksander Lee Olsen and Elias Wiklund.