M&G Real Estate has acquired the BIG Shopping Park in Copenhagen from a joint venture of CBRE Investment Management and Portus Retail Partners.
The sale is one of the largest European single-asset retail transactions in two years and it is the second largest single asset retail transaction to have closed in the Nordic region since the start of the pandemic.
The 40,700 sq m shopping park opened in 2015 and is unusual in being a hybrid retail park and shopping centre. The park is fully occupied with 24 tenants and is anchored by two supermarkets and two large electronics stores and a mix of fashion, furniture/DIY stores, restaurants, cafes, a cinema, gym and indoor playground.
The park remained opened throughout the pandemic, attracting a high volume of visitors despite restrictions according to CBRE IM.
“Even with the increase in online shopping and Covid, BIG has increased occupancy over the past few years,” said CBRE Investment Management’s Mark Kouters, fund manager for ECF. “We have completed our business plan for this asset, which was to improve the tenant mix, unlock reversion on ground floor units and increase occupancy levels. With a backdrop of strong investor appetite for Nordics retail, it is an appropriate time to exit, and we are very pleased to have achieved a positive sale for our investors.”
Simon Ellis, Fund manager at M&G, said: “Retail parks have shown their resilience during the pandemic, faring particularly well against online shopping and playing a key role in fulfilling online orders.”
Portus Retail acted as operating partner to CBRE Investment Management and worked with Capital Investment as local manager. CBRE and Accura advised on the sale. M&G were advised by Bruun & Hjejle, Deloitte, WSP and Colliers.