PARIS, 2016-1-4 — /EPR Retail News/ — Klépierre announces that Steen & Strøm, its 56.1% controlled subsidiary, jointly with its partner – Entra – has completed1 the acquisition of Oslo City on December 31, 2015.
Steen & Strøm and Entra have started a demerger process of the holding company that owns Oslo City, following which, Steen & Strøm will fully own the shopping center and half of the parking spaces for a net investment of 336 million euros2 .
Through this acquisition Klépierre reinforces its presence in one of the most dynamic and wealthiest capital cities in Europe with an asset located in Oslo’s main transportation hub and featuring the highest footfall in Norway. Klépierre further increases its leadership position in Scandinavia where it currently operates a 3.5 billion euros3 shopping center portfolio.
A leading shopping center property company in Europe, Klépierre combines development, rental, property, and asset management skills. Its portfolio is valued at 21.9 billion euros on June 30 2015. It comprises large shopping centers in 16 countries of Continental Europe. Klépierre holds a controlling stake in Steen & Strøm (56.1%), Scandinavia’s number one shopping center owner and manager.
Klépierre’s largest shareholders are Simon Property Group (20.3%), world leader in the shopping center industry and APG (13.6%), a Netherlands-based pension fund firm. Klépierre is a French REIT (SIIC) listed on Euronext ParisTM and Euronext Amsterdam included the CAC 40, EPRA Euro Zone and the GPR 250 indexes. Klépierre is also included in several ethical indexes – DJSI World and Europe, FTSE4Good, STOXX® Global ESG Leaders, Euronext Vigeo France 20 and Eurozone 120 – and is a member of both Ethibel Excellence and Ethibel Pioneer investment registers. Klépierre is also ranked as a Green Star by GRESB (Global Real Estate Sustainability Benchmark). These distinctions mark the Group’s commitment to a voluntary sustainable development policy.
For more information, visit our website: www.klepierre.com
¹Please refer to Klépierre press release announcing signature of sale and purchase agreement dated December 14, 2015 on www.klepierre.com
²Based on the NOK/EUR exchange rate of 9.62 as of December 30, 2015 – excluding transaction costs
³Value excluding duties, total share as of June 2015
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This press release is available on Klépierre’s website: www.klepierre.com