Promenaden Portfolio

— Oslo, Norway

Portfolio Project

Acquisition date:

January 2018

Asset type:

Retail & Office

Square metres:

83,000 sq. m.

Key occupants:

Louis Vuitton, Gucci, Hermès

10 high street retail assets and two department stores.

The portfolio comprises 10 high street properties and two department stores located in historic central Oslo. The buildings are clustered around Karl Johans Gate, the principal shopping street of the Norwegian capital, and in close proximity to the Royal Palace and the Norwegian Parliament. The area is the busiest in terms of visitor numbers because of its proximity to the city’s historic attractions, the range of its retail offering and the bustling activity of its hotels, bars and restaurants.

As the capital of one of the fastest-growing and wealthiest cities in Western Europe, Oslo is attracting significant interest of international luxury brands in a market traditionally dominated by local or Nordic brands. Gucci and Hermès are among those to have opened stores on Nedre Slottsgate, the street that has become the prime pitch for luxury retailing.

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This is a signature high street investment for us. The portfolio is made up of prime assets in a superb location in Oslo that is a magnet for Norwegian shoppers and tourists. The luxury retail offer in Oslo is still quite limited for a city with such a wealthy and growing population, which is why we see plenty of scope to add value to these assets for our investors.

Fredrik Kumlin, Managing Director, Nordics