Baar-Zug, 2 December 2013
Partners Group invests in NOK 2 billion shopping center portfolio transaction in Norway
Partners Group, the global private markets manager, announces that it has invested in a shopping center portfolio in Norway on behalf of its clients. Partners Group holds a 75% stake in the investment in partnership with Sektor Gruppen AS with a 15% interest, and Steen & Strøm AS with a 10% interest. The portfolio is comprised of four centers: Stovner Center (Oslo), Halden Center (Halden), Torvbyen (Fredrikstad) and Markedet (Haugesund). The transaction is based on a property value of NOK 2’063 million.
The portfolio collectively features 100’000 square meters over 250 specialty and retail shops including H&M, Mango and Meny. Partners Group considers the Norwegian shopping center portfolio to be an attractive investment for its clients due to its value-added potential and the attractive Norwegian retail economy. The business plan includes implementing expansions and capital expenditure programs to improve the properties’ competitive position in their respective markets, as well as effectively managing lease rollover over the duration of the hold period.
Chris Lydiker, a senior investment manager in the private real estate team at Partners Group, comments, “We are excited to invest in this attractive opportunity for our clients. The portfolio provides exceptional access to the attractive local Norwegian economy and combines strong cash flows with upside potential through numerous potential value-added initiatives. We believe that the partnership is well-positioned to manage the assets and create value for our investors.”