The transaction, valued at NOK 2.15 billion, will be completed on 1 July and includes City Syd (excluding Coop Midt-Norge’s ownership share), Tiller Torget, and a 50 per cent stake in the company that owns the outdoor areas, parking facilities, and a major development site at City Syd.

Management of the properties will, from the date of completion, be handled by Aurora Eiendom’s jointly owned property management company, Alti Forvaltning AS, which will thereby manage a portfolio of 69 shopping centres. The company is headquartered in Surnadal, while its Trondheim branch office is located in close proximity to the centres at Tiller.

“This is a strategically important acquisition. Under the ownership of Storebrand Livsforsikring, City Syd and Tiller Torget have experienced excellent development and today hold strong market positions, high visitor traffic, and considerable development potential. The properties are an excellent fit with our portfolio and our long-term strategy of creating attractive destinations for retail and experiences. We now look forward to becoming part of the business community at Tiller and to building a close and long-term partnership with Coop Midt-Norge at City Syd,” says Lars Ove Løseth, Chief Executive Officer of Aurora Eiendom.

“Storebrand Livsforsikring has owned City Syd for 30 years, and we are very pleased to transfer two well-performing shopping centres to Aurora Eiendom. We are confident that they will continue to manage and further develop the properties successfully in the years ahead,” says Portfolio Manager Linn Idsø Brenne. The sale is driven by a desire to further diversify the portfolio and create opportunities for investment in other asset classes.

“Coop Midt-Norge participated in the development and establishment of City Syd as early as 1987 and continues to own its 50 per cent share of the shopping centre. We look forward to a productive partnership with Aurora Eiendom as the new owner of the remaining half of City Syd,” says Torbjørn Skei, Chief Executive Officer of Coop Midt-Norge SA.

Tiller is one of Trondheim’s most important retail destinations, with the area’s shopping centres expected to generate approximately NOK 4 billion in retail turnover in 2025. Strategically located along the E6 motorway, the district is only ten minutes from central Trondheim.

For Petter Stordalen, Chairman of Aurora Eiendom, the acquisition carries particular personal significance.

“In many ways, City Syd is where my career began. This is something I have wanted for a long time, and now it has finally become a reality,” says Petter Stordalen.

In 1987, he arrived in Trondheim as a 24-year-old with no management experience but with one clear ambition.

“I was absolutely determined about one thing: I was going to become the manager of City Syd. My years there were an extraordinary chapter in my life, which makes this transaction especially meaningful to me. I have long wanted to acquire the centre, and today that ambition has been realised. It makes me proud.”

He highlights the warm reception he received in Trondheim as a defining factor in his subsequent career.

“The way I was welcomed when I arrived in Trondheim was remarkable. This city is where everything started for me. I would never be where I am today without City Syd.”

Stordalen also recalls a chance encounter before his job interview at City Syd. Outside a shoe store in central Trondheim, he struck up a conversation with former ski jumper and prominent business figure Torbjørn Falkanger.

“We spoke about the local business community, and I mentioned that I was on my way to an interview at City Syd. He wished me good luck. A few hours later, I found myself in the interview room, surrounded by twelve men. One of them smiled at me. It was Torbjørn Falkanger, one of the founders of City Syd. I only wish he could see me now,” says Stordalen.

According to Stordalen, City Syd’s potential was already evident in the late 1980s.

“I realised early on that City Syd was going to be an enormous success. Everything was in place. It was the finest shopping-centre development Norway had ever seen.”

The properties have undergone significant upgrades in recent years, and both centres are fully let, featuring a broad and attractive tenant mix.

City Syd also offers substantial development potential in partnership with Coop Midt-Norge, with existing parking areas already zoned for more than 100,000 square metres of mixed-use development.

“This is not the end of a journey but the beginning of something new. We have major ambitions for City Syd going forward,” says Stordalen.

“City Syd will continue to be a destination for shopping, experiences, and social interaction, and we intend to elevate it to the next level.”

Colliers acted as Storebrand’s transaction advisor, supported by legal counsel Thommessen and technical advisor Borg Forvaltning. The buyer was advised by law firm CLP on legal matters, BDO on financial matters, and Sweco on technical due diligence and advisory services.