The transaction In brief:
#Jærhagen shopping centre is located in the Klepp municipality, 25 km south of Stavanger.
# In total 57,000 sqm plus approximately 10,000 sqm of parking space.
# Coop Klepp SA and Dolphin Eiendom AS sells the property to a syndicate facilitated by NRP Finans AS. Today’s owners will continue as part owners in the syndicate.
Jærhagen is located in Klepp municipality, 25 kilometers south of Stavanger, and today's owners have over the past 18 months developed the property from being a well-functioning shopping center of about 20,000 sqm to become a destination center of approximately 57,000 square meters, and approx. 10,000 square meters of parking with a combined shopping center and a large store. After the development, the number of visitors is expected to increase from 1.3 million to nearly 3 million.
Coop Klepp SA will continue to be the largest tenant at the center, with Coop Obs! Bygg of about 8,500 sqm, and one of Norway's largest Coop Mega stores of about 5,500 square meters.
"We still have great faith in the center and Jærhagen is strategically located within our area of activity. We are very pleased with the continued part ownership solution, which gives us the opportunity to remain the main driver of the center's further development and activities," says John Thysse, CEO of Coop Klepp SA.
The last couple of years, there has been great focus on profiling Jærhagen into a good meeting place where customers want to come.
In an area-efficient way, traditional shopping malls are integrated with larger, space-consuming stores such as Coop Note! Construction, Power, Elkjøp, Rusta, Sport Outlet, Professional furniture, Møller Bil and T.Hansen. In addition, Skyline tramponline park has established itself at the center.
"We have worked systematically with good design combined with ensuring strong tenants who provide a high level of activity. It is therefore sad to sell, at the same time it is now natural to realize values according to the significant developments that have been made,” says Arild Holten of Dolphin Eiendom AS.
Pangea Property Partners has been the seller's advisor in the transaction, and says that there was great interest in Jærhagen.
"Jærhagen has a forward-looking design and a mix of shops, retail and activities that are attractive to both tenants and customers at the center. This profile, together with sales growth and solid key figures make Jærhagen interesting for many investors," says Linn Idsø Brenne, partner in Pangea Property Partners.
"The property is a modern center that combines large retail and shopping center, where much of the rent is secured on long contracts with good tenants with strong brand names. The equity in the transaction is geared towards a group of investors and it is exciting that Coop and Dolphin will join the buyer company. We look forward to this cooperation," says Morten Berg, partner in NRP Finans AS.