Olav Thon has been standing on the hall carpet for a while.
Now the Norwegian real estate giant takes a giant step into the Swedish room and buys five Swedish shopping centers, Familia (Hyllinge/Helsingborg, 15769 sqm), Etage (Överby/Trollhättan, 16604 sqm), Mirum (Hageby/Norrköping, 39122 sqm), Mitt i City (Karlstad, 16010 sqm) and Sollentuna Centrum (Sollentuna, 35713 sqm). All five for a total of 3.25 billion.
The five shopping centres are classic malls, Familia and Etage is located at retail parks, Mitt I city is a city centre mall and Mirum and Sollentuna Centrum can be considered as large local centres.
They are not Steen & Ström’s most successful projects. Familia has suffered by nearby Väla’s success, Mirum changed its name from Hageby Centre and Sollentuna Centrum has been hailed architecturally but like the others hade difficulties to attract the audience as Steen & Strøm desired. The past two years, however, Steen & Ström has noted an improvement and maybe they think they’ve done their part now.
Olav Thon Group has so far dominated the Swedish border trade – targeting Norwegian consumers. In Norway, Olav Thon is the largest private property owner and runs Norway’s two biggest shopping malls, Sandvika and Strömmen Storsenter, in the Oslo area.
The shopping centers are purchased by a subsidiary of Olav Thon Eiendomsselskap ASA.
Steen & Ström writes in a press release that the sale of the portfolio is tied to Steen & Ström’s strategy to strengthen the financial position and gain capital for future development, which is planned to be implemented in Norway, Sweden and Denmark in the coming years.