Farmandstredet is the main shopping destination in Tønsberg and surrounding areas. The shopping centre has experienced several upgrades and expansions in the later years and is an important attraction for the region. In total, the shopping centre consists of 85 stores distributed over 28 300 sqm. of retail area and houses important shops such as Meny, H&M and Clas Ohlson, as well as the city’s only Vinmonopol (state-run alcohol store).

"Farmandstredet is a gem of a shopping centre. Situated in the heart of the summer city Tønsberg, it has been a vibrant meeting place for citizens of Vestfold and Telemark for over thirty years. We are looking forward to creating the shopping experience of tomorrow for this exciting region," says Petter A. Stordalen, Chairman of the Board at Aurora Eiendom AS.

Earlier in June, Aurora Eiendom acquired four shopping centres from Steen & Strøm AS: Vinterbro Senter in Ås Municipality on the outskirts of Oslo, Amanda Storsenter in Haugesund, Nerstranda in Tromsø and Nordbyen in Larvik. The four shopping centres had a total turnover of approximately NOK 3.2 billion last year. Farmandstredet, Aurora Eiendom’s newest acquisition, had a total turnover of approximately NOK 1.3 billion in 2020.

"The acquisition of Farmandstredet is an important step towards becoming one of Norway’s leading owners of shopping centres. Farmandstredet, with an annual footfall of approximately 5 million visitors, is a perfect addition to our growing portfolio. We look forward to managing and further developing Farmandstredet as one of South-Eastern Norway’s leading shopping centres," says Lars Ove Løseth, CEO of Aurora Eiendom AS.

Løseth is also CEO of Alti Forvaltning, which owns 50 per cent of Aurora Eiendom AS. Alti manages shopping centres all over the country and will also operate and develop Aurora’s shopping centres. The takeover of the first four centres took place July 1. The takeover of Farmandstredet is expected to take place July 8.

Alti Forvaltning has lately strengthened its organisation to handle the management of the new shopping centres. Katrine Mauset has been recruited from SpareBank 1 Nordmøre and will become CFO at Aurora Eiendom. Aage Lilleborg has been recruited from the position as regional director in Olav Thon Gruppen and will become COO with the main responsibility for Alti’s property portfolio, including the Aurora shopping centres.

Aurora Eiendom AS raised NOK 2 billion in share capital earlier in June, of which NOK 1,377 million was pre-subscribed in a directed issue towards 11 cornerstone investors. An additional NOK 623 million private placement was also placed by 75 new shareholders in an oversubscribed placement. Aurora Eiendom has major growth ambitions and is planning to be listed on the Euronext Growth Oslo towards the end of the year. Pangea Property Partners, DNB Markets and SpareBank 1 Markets acted as joint managers and book runners of the equity capital issues.

Pangea Property Partners is the financial advisor, Ro Sommernes the legal advisor and Storm Communications the communications advisor for Aurora Eiendom.