Today, on 7 February 2022, Aurora Eiendom AS (the "Company" or "AURA"), as
buyer, and Citycon Norway AS, as seller, entered into a share purchase agreement
(the "SPA") in relation to the transfer of Buskerud Storsenter, at a property
valuation of NOK 1,175 million. The transaction is estimated to close during
Q1/2022.
Buskerud Storsenter has 59 stores and a gross turnover of NOK 1.2 billion
(2021), being a leading shopping center in the region. More than 80,000 people
live within a 15 minuteŽs drive from the center, and the population is growing
in the catchment area.
"The center fits perfectly with Aurora EiendomŽs current portfolio, and the
acquisition comfirms that we are well on track with our growth strategy", says
Lars Ove Løseth, CEO of Aurora Eiendom.
Buskerud Storsenter was completely renovated in 2017 with a new facade and
expanded retail area, and consists today of 28.585 square metres over two
floors. The center is anchored by well-known retailers like Coop Obs!, Clas
Ohlson, Vinmonopolet, Cubus and H&M.
Buskerud Storsenter also sits on a large freehold of approximately 44.000 square
metres along the Krokstadelva river, with significant development potential.
There are plans for residential and commercial development of the area.
With Buskerud Storsenter, the Company will own six shopping centers in Norway.
The others are Vinterbro Senter in Ås municipality near Oslo, Amanda Storsenter
in Haugesund, Nerstranda in Tromsø, Farmandstredet in Tønsberg and Nordbyen in
Larvik. We will continue to invest in shopping centers with a leading position,
attractive locations and an exciting offering of shops and services. Aurora
Eiendom also owns a 50 per cent share of a leading real estate management
company, Alti Forvaltning.
The purchase price in connection with the acquisition of Buskerud Storsenter
will be financed by a mix of bank debt and equity.
The Company has obtained commitments for debt financing from the syndicate of
banks under the group's existing syndicate loan facility, on terms substantially
equal to the existing financings under that facility.
Clarksons Platou Project Finance AS acted as the buy-side advisor in the
transaction.
For more information, please contact:
Lars Ove Løseth, CEO
+47 928 17 859
lars.ove.loeseth@alti.no
Kathrine Mauset, CFO
+47 46 44 84 11
kathrine.mauset@alti.no
About Aurora Eiendom: With shops and services easily accessible under one roof,
shopping centers improve and simplify peopleŽs lives. Shopping habits are
changing, but the need for people to meet and connect will always be there.
ThatŽs why Aurora Eiendom invests in leading shopping centers in attractive
locations with an exciting offering of shops and services. Our partly owned Alti
Forvaltning gives Aurora access to the best management team in the market.