Aurora Eiendom AS

M&A Activity • Jun 22, 2022

Aurora Eiendom AS – acquisition of Gulskogen, Arkaden, and 25% of Maxi

Aurora Eiendom AS – acquisition of Gulskogen, Arkaden, and 25% of Maxi

Aurora Eiendom AS (“Aurora”), as buyer, and Steen & Strøm, as seller, has entered into a share purchase agreement in relation to the transfer of the two shopping centers Gulskogen and Arkaden, in addition to 25 per cent of Maxi (the “Acquisition”). The deal is valued at NOK 2.6 billion. The Acquisition is estimated to close during July 2022.

Gulskogen in Drammen comprises 80 per cent of the purchase with a gross asset value close to NOK 2.1 billion. The center is a regional shopping champion and complements Aurora’s and Alti Forvaltning’s current presence in the Drammen area. Gulskogen has a gross lettable area of more than 40,000 sqm with a gross turnover of NOK 1.5 billion (2021). More than 300,000 people live within a 30-minute drive from the shopping center, which is located in a well-established retail cluster where 1,500 residential units will be developed in the coming years.

“Gulskogen is a truly impressive shopping destination in a thriving region. The center serves the daily needs of a large part of the Drammen area, it has a strong offering of shopping and services, and we see an opportunity to further grow and improve Gulskogen in the years to come”, says Lars Ove Løseth, CEO of Aurora Eiendom.

Arkaden is one of Stavanger’s most central shopping destinations, located in the heart of the city center and accessible to the entire population of the metropolitan area. Arkaden has 14 stores and more than 8,000 sqm of retail space. The market for quality commercial real estate properties in the city center of Stavanger is seeing increased demand, and the shopping center benefits from very good visibility in an area with lots of other retail and store options.

The purchase of 25 per cent of Maxi in Hamar gives Aurora exposure to an attractive development project of strengthening an established shopping destination. The development of a residential project adjacent to the center adds value to the Maxi purchase. The center is acquired together with Utstillingsplassen Eiendom, Dolphin Eiendom and Rica Eiendom, and all parties will have 25 % ownership each.

After these purchases, Aurora will fully own eight shopping centers in Norway with a total gross asset value of more than NOK 8.8 billion. The eight centers have a total gross lettable area close to 200,000 sqm and an annual footfall of 18.3 million (2021). The rest of the portfolio consists of Vinterbro Senter in Ås municipality near Oslo, Amanda Storsenter in Haugesund, Nerstranda in Tromsø, Farmandstredet in Tønsberg, Buskerud Storsenter close to Drammen and Nordbyen in Larvik. Aurora will continue to invest in shopping centers with a number one position in attractive locations and an exciting offering of shops and services.

Aurora also owns a 50 per cent share of a leading real estate management company, Alti Forvaltning AS. Alti adds Gulskogen, Arkaden and Maxi to the portfolio of centers under its management.

The purchase price in connection with the Acquisition will be financed by a mix of debt and equity.

Aurora has obtained commitment for debt financing from Danske Bank. Pangea Property Partners AS acts as the buy-side advisors in the Acquisition. Ro Sommernes advokatfirma DA acts as legal advisor and Storm Communications as communications advisor to Aurora in connection with the Acquisition.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange notice was published by Kathrine Mauset, CFO of Aurora Eiendom, on 22 June 2022 at 07:30 CEST.

For more information, please contact:

Lars Ove Løseth, CEO +47 928 17 859, lars.ove.loeseth@alti.no

Kathrine Mauset, CFO +47 46 44 84 11, kathrine.mauset@alti.no

About Aurora: With shops and services easily accessible under one roof, shopping centers improve and simplify people´s lives. Shopping habits are changing, but the need for people to meet and connect will always be there.

That´s why Aurora invests in leading shopping centers in attractive locations with an exciting offering of shops and services. Our partly owned Alti Forvaltning gives Aurora access to the best management team in the market.