Steen & Strøm sells five Swedish shopping centers for €360 mln (SE)

Steen & Strøm has today entered into an agreement on the sale of five shopping centers located in Sweden - Familia (Hyllinge, 15,769 m²), Etage (Trollhättan, 16,604 m²), Mirum (Norrköping, 39,122 m²), MittiCity (Karlstad 16,010 m²) and Sollentuna Centrum (Stockholm, 35,713 m²).
The property value for the transaction is MSEK 3.250 bln (approx. €360 million). The transaction is the third largest property transaction in Sweden in 2014 YTD.
These centers are being acquired by a subsidiary of Olav Thon Eiendomsselskap ASA, which is part of the Olav Thon Group (Norway's largest private property owner). This portfolio disposal is linked to Steen & Strøm's strategy to strengthen the financial position of the group, and releases capital for the future targeted development projects that are planned to be realized in Norway, Sweden and Denmark in the coming years. The agreement is not subject to any conditions, and the closing will take place in the beginning of July.
Leimdörfer has served as sole financial advisor to Steen & Ström.
Source: Steen & Strøm