CapMan Nordic Real Estate Investment S.À.R.L. in their joint venture with Agat Ejendomme A/S have signed a sale and purchase agreement for the sale of Ringsted Outlet to Patrizia for DKK 390m (c. EUR 52m), representing one of the only outlet centre sales to take place in continental Europe since before the start of the COVID-19 pandemic. Closing is scheduled for 31 January 2023. The asset will be included within Patrizia’s fund TransEuropean VII LP (TEP VII).
Originally opened in 2008, the c. 13,400 sq m scheme has evolved from a relatively unfamiliar concept in Scandinavia to a well-established premium outlet centre with proven performance and brand loyalty. With a total of nearly 50 retailers and two restaurants, the open-air village is anchored by top performers Hugo Boss, Nike, Adidas, Levi’s and Peak Performance. Ringsted Outlet proved resilient throughout the COVID-19 pandemic and in fact, despite only 10 months of trading due to forced store closures, 2021 was Ringsted Outlet’s best year on record in terms of both footfall and turnover.
Torsten Bjerregaard, Managing Partner at CapMan Real Estate states:
“The outlet centre market has proven to be incredibly resilient with sales at Ringsted Outlet outperforming pre-pandemic levels. The new shopping habits that have developed over the past few years mean that outlets are more popular than ever. Customers are reconnecting with experiential retail and continue to seek out discounted high-quality goods in a comfortable, open-air shopping environment.”
Robert Andersen, CEO of Agat Ejendomme adds:
“I’m proud being the initiator of the development of the only outlet village in Denmark. The KPIs at Ringsted have been steadily improving since its inception in 2008, confirming the quality and effectiveness of the outlet centre’s management. We have completed an ambitious business plan over the past 14 years and have continually invested in offering the best shopping experience for our customers.”
“The outlet market remains an attractive retail sub sector for investors across Europe as most have shown resilience in trading. In addition to Ringsted’s dominance, it benefits from a well-balanced tenant mix and potential for future growth”, says Chris Gardener, Head of European Retail at CBRE, who was the seller’s commercial advisor on the transaction.
Christian Bro Jansen, Head of Capital Markets at CBRE Denmark adds that “The Danish retail sector continues to show resilience with stable footfall and turnover figures despite recent years’ challenges. Investors find the risk-adjusted returns attractive compared to other real estate segments and are actively looking at opportunities within this space.”
Established in 2013, CapMan Nordic Real Estate is CapMan’s first pan-Nordic value-add real estate fund. The fund is in carry with three assets remaining. The team is currently investing from its third €564 million value-add fund.
CBRE, Kromann Reumert and EY advised on the sale.