LONDON, 3 May, 2016 – CBRE Global Investment Partners (GIP), in Joint Venture with Portus Retail has acquired BIG Shopping Centre, in Herlev, Copenhagen, Denmark, from NREP on behalf of the European Co-Investment Fund (ECF).
The 45,705 sqm BIG Shopping Centre is a unique retail concept, combining traditional shopping centre food and fashion anchor tenants, alongside a large leisure offer and big box retailers. The scheme is 98% leased to 26 major retail tenants, including Føtex, H&M, Elgiganten, Jysk, Power and Nike.
The centre is located in an affluent catchment area of 1.7m inhabitants 10km northwest of Copenhagen City Centre. Benefitting from being in Denmark, one of Europe’s best performing economies with a low unemployment rate and strong GDP growth forecast.
Jeremy Plummer, Head of EMEA and CEO, CBRE Global Investment Partners said, “This is the fourth acquisition for the ECF fund and BIG was a great opportunity to buy a well-performing asset with a real differentiation within the retail sector.”
Rasmus Nørgaard, Partner, NREP said, “We have developed BIG together with our partner NPV, and BIG has been a strong investment for our NSF1 fund. We are convinced that BIG also will be a strong investment for CBRE and Portus.”
Peter Todd, Founder, Portus Retail said, “Portus Retail Was established with the objective of creating and managing high performance retail environments and destinations across Europe. The acquisition of BIG is a perfect example of the type of opportunities we will be focusing on.”
GIP and Portus Retail were advised and assisted by Danish law firm, Plesner and Capital Investment; NREP’s advisors being Accura and Sadolin Albaek/JLL.
About CBRE Global Investment Partners
CBRE Global Investment Partners is the division of CBRE Global Investors that delivers investment solutions customised for clients’ individual objectives by constructing portfolios using private funds, secondaries, co-investments and joint ventures, partnering with leading operators and fund managers for each strategy. Investments cover the risk spectrum from core to enhanced, can be global or regional in nature, and use a variety of investment vehicles based on clients’ preferences. GIP has $14.0 billion in assets under management* as of March 31, 2016. CBRE Global Investment Partners’ AUM includes investments in programs managed by the direct side of CBRE Global Investors. CBRE Global Investment Partners Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FCA).
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $89.7 billion in assets under management* as of March 31, 2016. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.
NREP is a leading Nordic private equity real estate firm focused on generating superior risk-adjusted returns for institutional investors by working with thematic value-add investment strategies and hands-on active asset management. NREP has to date focused predominantly on modern logistics, necessity driven retail, self-storage and residential. NREP was established in 2005 and has since inception raised 9 funds and executed over 200 property acquisitions and developments in the Nordic region, of which 80 have been exited.
NREP has a track record of success through the economic cycle, consistently outperforming relevant benchmarks every year and achieving an average +20% IRR on its investments since inception, with no single year of losses. The firm currently has total assets under management of €3 billion and was recently named the most consistently outperforming manager in Europe by Preqin. NREP employs more than 70 professionals across four offices in Copenhagen, Stockholm, Helsinki and Oslo and is fully owned by its eleven partners.
About Portus Retail
Portus Retail was founded by Peter Todd, formerly a Partner of Resolution Property, in 2016 as a specialist in the investment and management of retail environments across Europe with an aim of delivering places that truly perform for property owners and developers.www.portus-retail.com