Petter Stordalen, the high-profile investor best known for his hotel projects in and out of Norway, has bought into the large shopping center chain Sektor, along with two other major Norwegian partners: Joh Johannson, the major grocery retailer and wholesaler, and Varner Invest, which also owns clothing store chains including Dressman, Cubus, BikBok and Vivikes.
Newspaper Dagens Næringsliv (DN), which was first to report the deal last month, reported their newly formed investor group is paying “around NOK 7 billion (USD 1.2 billion),” according to Kjell Sagstad of seller Niam Invest of Sweden. Niam had bought the Sektor shopping center chain two years ago and is earning around NOK 1 billion on the deal.
Sektor Gruppen owns 13 shopping centers, leases two and manages 11 others around Norway. The group was established in 1996 after strategic disagreement between the administrators and chairman of shopping center chain Steen & Strøm.
Stordalen will be chairman of newly established Sektor Holding AS. Niam will remain as a shareholder and Sektor intends to compete head-on with Norway’s Olav Thon group. Sektor’s shopping centers include Bryn in Oslo and Liertoppen between Oslo and Drammen.