Patrizia acquires Denmark’s only outlet centre for €52m
Patrizia is to pay CapMan and AGAT Ejendomme DKK 390m (c. EUR 52m) for Ringsted Outlet, Denmark’s only premium outlet village.
Ringsted Outlet has over 13,400 sq m of retail space which has an occupancy rate of 97%. The anchor tenants are Nike, Hugo Boss, Levi’s and Adidas, and the retailer line up includes international fashion brands such as Guess, Lacoste and Gant. The outlet also has the potential for further expansion.
The asset is located in the heart of the Zealand region, 50 km from Copenhagen, and has more than two million people within a 45-minute drive.
Patrizia is acquiring Ringsted Outlet for its TransEuropean VII LP (TEP VII) value-add fund and the acquisition is being made in partnership with specialist outlet centre operator REALM.
REALM will act as a third-party asset manager of the property and will hold a minority stake in the property.
Patrizia said in a statement that the asset delivered strong performance in 2021, with turnover and footfall both materially up on pre-pandemic levels.
“Ringsted Outlet is a strong addition to our investment portfolio, consistent with TransEuropean’s balanced income and capital growth strategy,” said Charles-Nicolas Tarrière, managing director, Patrizia and fund director of the TransEuropean Fund Series.
Patrizia was advised by Colliers International while CBRE acted on behalf of the seller.