KLPEF Klepierre SA (PK)

   By Dominic Chopping 
 

Norway's DNB ASA (DNB.OS) said Monday its DNB Life Insurance business has sold the Oslo City shopping centre and office building to a consortium of Entra ASA (ENTRA.OS) and Steen & Strom for five billion Norwegian kroner ($576.3 million).

"Over the last few years, we have reduced our property portfolio through sales, which is mainly due to good transaction opportunities," said Tom Rathke, group executive vice president in DNB. "In turn, this has given us the chance to realise strong gains for our pension customers."

Following the transaction, Steen & Strom and Entra will then demerge the property into two separate retail and office assets in 2016. Steen & Strom will fully own the shopping center and half of the parking spaces for a net investment of NOK3.3 billion, while Entra will own the office premises and the other half of the parking spaces.

-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @domchopping @WSJNordics

(END) Dow Jones Newswires

December 14, 2015 03:43 ET (08:43 GMT)

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