Sale of Norwegian retail portfolio
Pangea adviser to Coop Norge in NOK 1.2bn cross-border deal
In late November, it was announced that Coop Norge divests five retail parks and four development sites in Norway to Tristan Capital Partners. The existing portfolio has a lettable area of 92,300 sqm and includes the following assets: Mo Handelspark (Rana), Hangaren Lade (Trondheim), Breiviksenteret (Ålesund), Grenland Handelspark (Skien) and Tune Handelspark (Sarpsborg). Anchor tenants are brands owned by Coop Norge and includes discount, furniture, homeware, electronics, sports equipment, apparel retailers, etc. The development sites are located in the south-east of Norway, with the largest plot offering 39,000 sqm of new retail in Skien.
Pangea Property Partners was sell-side adviser to Coop Norge in the transaction. The sales price was NOK 1.2bn (€136m) and Pangea has now advised on retail deals with an underlying property value well above NOK 20bn (€2.3bn) so far in 2015.
Pangea ranked as the #12 Nordic M&A adviser in 2015 YTD, in top among specialised property advisers. For full league tables, click here (see p 13 for the Nordics).To news archive