Global law firm White & Case LLP has advised Klépierre, a leading shopping center property company in Europe that is listed on the CAC index of France's 40 leading companies by market value, on its acquisition of Oslo City from DNB group through its subsidiary Steen & Strøm.
Steen & Strøm and Entra, one of Norway's leading real estate companies, have signed an agreement to acquire Oslo City, a complex comprising a 33,000 square metre shopping center, 34,000 square metres of offices and 340 parking spaces, located in the center of the Norwegian capital.
The transaction should be completed by the end of 2015 for an estimated value of €528 million. During 2016, the two partners will section the asset, with Steen & Strøm holding 100 percent of the shopping center and 50 percent of the parking spaces. The acquisition will reinforce Klépierre’s leading position in Scandinavia by adding to its existing portfolio in the region of 21 shopping centers.
The White & Case team in Paris which advised on the transaction was led by partner Brice Engel with support from associate Jean Paszkudzki. Counsel Orion Berg advised on competition aspects.
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