Klépierre today announces that Steen & Strøm, its 56.1%-controlled subsidiary, has completed the sale of its stakes in two shopping centers: 49.9% of Åsane Storsenter in Bergen, Norway (49.604m²) and 100% of Torp Köpcentrum in Uddevalla, Sweden (31.600m²) for a total consideration of €235m excluding transfer duties. On a group share basis for Klépierre, proceeds from the disposals amount to €132m.
The two centers were acquired by the Olav Thon Group, one of Scandinavia's largest private property owners.
For the first 9 months of 2016, Torp Köpcentrum contributed €4.9m to net rental income for Klépierre on a total share basis. Åsane Storsenter was consolidated under the equity accounting method and contributed €3.9m to net rental income for the same period.
These disposals are in line with Klépierre’s asset rotation strategy for optimizing its portfolio. To date in 2016, €437m worth of assets have been sold and €41m are under sale and purchase promissory agreements.
The transaction also releases additional financial capacity for Steen & Strøm to fund the development projects in its pipeline and potential targeted acquisitions in Scandinavia.
