Norwegian Property (NPRO) has unveiled details of a NOK 1-1.5 bn (EUR 128 - 190 mln) redevelopment of its Aker Brygge shopping centre to create a new business and retail centre in the Norwegian capital.

The project, which will take four to five years to complete, will see the creation of a seaside promenade, a market place and other outdoor areas custom-built for cultural events. New shops and restaurants, significantly upgraded office buildings and a brand new street are other key elements of the project, which is located on the site of a former shipyard known as Akers Mekaniske Verksted.

'Aker Brygge is going to be transformed from a partly introvert shopping mall where the shops are somewhat scattered, into an open and lively part of Oslo; a destination which offers personality, contrasts and positive experiences all year round,' said Olav Line, CEO of NPRO.

NPRO plans to attract several new shops to Aker Brygge, including retailers entering Norway for the first time. Outdoor areas will undergo an extensive upgrade. Bryggetorget, the existing square in the middle of Aker Brygge, will be converted into a market place filled with cultural events and activities. The seaside of Aker Brygge, which is the biggest attraction of the area today, will be further developed as a spacious promenade.

NPRO is an office property company with 47 properties located in the Oslo area and Stavanger in Norway. Its portfolio has a total value of NOK 15.1 bn.