Aurora Eiendom AS buys Buskerud Storsenter

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 Drone 108

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 minute´s drive from the center, and the population is growing in the catchment area. “The center fits perfectly with Aurora Eiendom´s 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.

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