ABP
ABP pension fund and Klepierre enter into a joint agreement to acquire
Steen & Strom ASA, Norway
On 25 July 2008 ABP Pension fund ("ABP") and Klepierre jointly entered
into an agreement to acquire 100% of the outstanding share capital of
Steen & Strom ASA, Norway from Canica AS, Norway for a total
consideration of NOK 21.9 billion (EUR 2.7 billion). Steen & Strom is
the largest shopping centre owner, developer and manager in
Scandinavia. The company owns a high quality real estate portfolio
consisting of 30 shopping centres (18 in Norway, 9 in Sweden and 3 in
Denmark) with a net lettable area of approx. 780,000m2. The shopping
centres are currently 96.4% let. The portfolio includes landmark
properties such as Fields in Copenhagen, Denmark and Allum in
Partille, Sweden. Steen & Strøm's tenants include all of the large
Scandinavian retailers, selected international brands, as well as
local representation.