NORDICS - The €215bn (US$338.4bn) ABP fund has taken a minority stake in Norwegian shopping centre company Steen & Strøm.
Patrick Kanters, managing director global real estate at APG Investments, ABP's investment manager, said: "It is very rare to be able to get substantial exposure to one of Europe's leading fully integrated shopping centre platforms.
"This acquisition complements our strategic portfolio of retail specialists and will allow Steen & Strøm's management to continue its successful development program."
Steen & Strøm owns, manages and operates 30 shopping centres across the Nordic region, with 18 in Norway, nine in Sweden and three in Denmark. More projects are in development, of which six are already under construction. The company also manages 26 other developments on behalf of third parties.
Olav Line, CEO, Steen & Strøm, commented: "Klépierre and ABP significant commitment through this transaction signals a strong belief in our company's capabilities and potential.
"I am confident that their international perspectives and combined competences and financial capacity will provide Steen & Strøm with extended opportunities and allow us to build further."
Over the past year, Steen & Strøm's net rents totalled €154m.
Subject to regulatory approval, ABP and Klépierre said they hoped the deal to be completed before the end of the year.
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