Major sale of Salto Eiendom
The fourth largest retail company in Norway (NOK 5bn GAV)
In mid-August, it was announced that Schage Eiendom acquires the Norwegian shopping centre company Salto Eiendom. The company owns 19 assets with a lettable area of 307,000 sqm and an expected retail turnover of NOK 6.1bn in 2015. In addition, Salto Eiendom has a well-established organisation with 25 people in the head-office and management personnel at the shopping centres. The sales price corresponds to an implied gross asset value of approximately NOK 5bn.
Pangea Property Partners was sole financial adviser in the transaction. Altogether, we have advised on retail deals with an underlying property value above NOK 19bn in 2015. Our clients have been for example Citycon, ThonReitan, IKEA, Aberdeen, Coop, Klarinvest and Salto Eiendom.
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