NREP Exits Two Retail Portfolios
Denmark Following the sale of the largest portfolio of necessity-driven retail centers in Sweden in June 2017, NREP has now exited two additional retail portfolios in Denmark.
The necessity-driven retail community centers have a combined GLA of c. 73,800 sqm and are located in excellent suburban areas. The portfolio includes Trøjborg Centret and Veri Centret in Aarhus and Taastrup Torv, Vallensbæk Stationstorv, Frihedens Butikscenter, Lyngby Stationscenter and Holte Midtpunkt in the Greater Copenhagen area. The properties have further value creation potential and NREP will continue to manage the portfolio.
“Through additional investments and close collaboration with tenants, local municipalities and other stakeholders, we have managed to reinvigorate these centers, making them more attractive for both the local residents that they serve, tenants and future owners”, says Thomas Riise-Jakobsen, Director, NREP.
“We are pleased to partner with NREP for their continued management of the portfolio. NREP clearly has unrivalled local team capacity, expertise and track record for managing this type of local retail centers in the Nordics”, comments Josh Cleveland, Partner, Step Stone Real Estate.
The stand-alone portfolio of 16 retail assets contains primarily supermarkets located in medium and larger cities across Denmark and has a combined GLA of c. 23,600 sqm. The portfolio has zero vacancy and some of the strongest supermarket groups in Denmark as key tenants.
NREP was advised by C&W and Bruun & Hjejle on both transactions. SRE was advised by Sadolin & Albæk, Plesner and Jones Day. JT Ross was advised by Lundgrens.