Patrizia’s seventh pan-European property fund is buying Denmark’s only premium outlet village from CapMan and AGAT Ejendomme for DKK390m (€52m).
The manager’s value-add TransEuropean (TEP) VII fund has agreed to buy the Ringsted Outlet in partnership with outlet centre operator REALM.
REALM will hold a minority stake in Ringsted Outlet and act as a third-party asset manager of the property.
Ringsted Outlet, which opened in 2008, has nearly 50 retailers and two restaurants. The 13,400sqm asset is located in the heart of the Zealand region, 50km outside of Copenhagen.
Charles-Nicolas Tarrière, managing director at Patrizia and fund director of the TransEuropean fund series, said: “Ringsted Outlet is a strong addition to our investment portfolio, consistent with TransEuropean’s balanced income and capital growth strategy.
“We’re pleased to have secured this high-quality asset, which follows several months of meticulous occupier-based research and builds on Patrizia’s 15 years of outlet ownership experience in the Nordic region.
“In addition to the centre’s robust performance and enviable tenant mix, there are numerous value-add opportunities that we will be looking to unlock together with our JV partner REALM.”
Dan Valenzano, managing director of pan-European transactions, and Anders Klingbeil, Patrizia Denmark Country Manager and head of asset management, said: “The acquisition of Ringsted Outlet represents an exciting expansion of Patrizia’s €2.5bn Nordic real estate portfolio and increases TEP VII’s strategic presence in the Danish market.
“The outlet sub-sector continues to outperform traditional retail segments thanks to its strong value proposition, unique customer experience and the close alignment on performance that turnover rents provide.
“We look forward to enhancing Ringsted’s retail offering in partnership with REALM, as well as pursuing further outlet centre investment opportunities in Europe.”
Torsten Bjerregaard, a managing partner at CapMan Real Estate, said: “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, said: “I’m proud to be 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.”
Patrizia was advised by Bruun & Hjejle, DLA, PwC, KHR and Colliers. CBRE, Kromann Reumert and EY acted on behalf of the seller.
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