19 december, 2016

Pangea adviser to Citycon when acquiring neighbouring property

Last week, Citycon announced the acquisition of an office building in Bergen for NOK 710m. The property has a gross area of approximately 19,000 sqm and is located next to Oasen shopping centre, owned by Citycon. The seller was Tryg Forsikring, also being anchor tenant in the property with a 10-year lease. The acquisition creates opportunities for Citycon to develop and expand Oasen shopping centre by adding some 11,000 sqm new retail space and improve overall access and customer flows.

Pangea Property Partners was buy-side adviser to Citycon in the transaction. Now, we have advised on deals with a combined value above NOK 3.8bn in Bergen this year. Earlier mandates include, for example, the sales of Åsane Storsenter (NOK 2.0bn) and Zander Kaaes gate 7 (NOK 760m)

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