A possible sale of Salto was announced in January this year. Several attractive offers were received, but the main shareholder, Schage Eiendom, decided at a late stage of the process to bid for all outstanding shares.
 
Pangea Property Partners and the law firm BA-HR have led the extensive and successful sales process during H1 2015. Both domestic and international investors have shown great interest for Salto Eiendom, which is the fourth largest shopping center company in Norway. During the sales process, several attractive bids within and above the range of the asking price were received from well-known investors. However, mid summer Schage Eiendom decided to turn down these bids and instead buy out all other shareholders at an implied gross asset value of approx. NOK 5 billion (€ 550M).
 
- During this process, we have become increasingly attracted by the company and we see great opportunities for the future. Salto is one of the most promising property companies in Norway and there is significant potential for value creation, particularly related to the expansion plans. Schage has the resources and ability, and will not pass on this opportunity, although our conclusion differs from our thoughts when we initiated the sales process, says Egil Svoren, CEO of Schage Eiendom.
 
Salto is one of the largest property companies in Norway, with 19 assets totaling 307.000 sqm and an expected retail turnover for 2015 at NOK 6.1bn (€670 M). Since its inception in 2006, the company has built a solid retail portfolio, which today stands at 19 properties. In parallel, Salto has established a highly competent staff of 25 people at their HQ in Asker outside Oslo, together with an experienced organization of management personnel at the shopping centers. Salto is showing great profitability and the company is ahead of budget so far in 2015.
 
- Salto Eiendom is an exciting company with a fantastic history. The company has created value every year and is today a complete shopping center player with a great portfolio of mid-sized shopping centers, many with a number one position in its market and region. Also, we see clear synergies by bringing the company closer to Schage Eiendom, Svoren continues.
 
Schage Eiendom is the largest shareholder of Salto Eiendom, holding 57 % of the company. By acquiring the shares of the remaining major shareholders Varner Kapital (26 %), AVA Invest (6 %) and Sportsmagasinet (5 %), Schage controls 94 % of the company. Schage Eiendom state that they will give the same offer to the remaining shareholders as well.
 
In connection with Schage’s acquisition of Salto, Arne Vannebo will leave his position as CEO and be replaced by Petter Falkgård Andersen from Schage Eiendom. Falkgård Andersen has been a member of the Board of Salto since 2011.