Oslo Retail Portfolio

Oslo, Norway

Oslo Retail Portfolio

Property Summary

Type: Class A Retail Portfolio
Office Location: Oslo, Norway
Size: 9 Properties

Acquisition Summary

Capital Invested: $45.9 million
Ownership Interest Acquired: 30%

Transaction Summary

Madison acquired a 30% interest in a prime high-street retail portfolio located in Oslo, Norway in joint venture with the existing sponsor Søylen Eiendom. Søylen and related companies previously held 100% of the assets. The portfolio, which is located in the premier shopping district of Oslo includes famous shopping center EGER as well as a 50% interest in well-known Steen & Strøm, Norway’s most established department store. This transaction provided the sponsor with the liquidity it needed to repay the seller credit related to the purchase of Steen & Strøm in 2011. The transaction not only strengthened the sponsor’s capital adequacy and liquidity, but also provided renewed strength to continue developing its commitment to luxury shops in central Oslo.

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