CBRE GIP buys Copenhagen retail property in Portus joint venture

CBRE Global Investment Partners (GIP) has invested in a Danish retail property asset in a joint venture with Portus Retail.

The company, CBRE’s multi-manager, bought the BIG shopping centre in Copenhagen’s Herlev district.

NREP sold the 45,705sqm property to CBRE GIP, which bought the property for the European Co-Investment Fund (ECF).

Jeremy Plummer, head of EMEA and CBRE GIP chief executive, said the deal was its fourth for the ECF fund.

“BIG was a great opportunity to buy a well-performing asset with a real differentiation within the retail sector,” Plummer said.

The asset, to the north of the Danish capital, is 98% let to 26 retail tenants including H&M and Nike.

CBRE GIP recently raised $840m (€770m) from six UK, European and US pension funds for its new value-add fund.

The vehicle – the fund-of-fund platform’s first in Europe – is targeting assets in the logistics and retail sectors.

The closed-end, seven-year fund could also consider assets in the Nordics and Germany, Plummer said in February.

The fund, targeting co-investments and joint ventures, is expected to deliver a 15% net IRR.