Aviva Investors, the global asset management business of Aviva, has acquired Kolding Retail Park, a food-anchored retail park in the Triangle Area of Jutland, Denmark.
Financial details were not disclosed.
Kolding Retail Park, which comprises a total area of around 11,000 m2, was completed in 2021 and offers excellent sustainability credentials, with an ECP rating of ‘A’. It was developed and now sold by Rema 1000.
Further improvements are being made to the property, which already has roof-top solar panels through the installation of EV charges in the parking area, which will contribute to better energy efficiency, lower ongoing fuel requirements, and lower running costs for occupiers.
The property is fully let with a strong tenant mix of Danish household names offering a weighted average unexpired lease term of 11.3 years. Existing occupiers include Rema 1000, Power, Maxi Zoo, Sport 24, Harald Nyborg, Wash World, Sunset and T. Hanse, offering consumers a complementary mix of grocery, pet, car and discount retail.
George Fraser-Harding, head of European funds at Aviva Investors, said: 'This acquisition builds out further the assets under management in Denmark as we continue to focus on investing in high quality buildings, in attractive locations.
'The investment will deliver strong income returns for our clients utilising the attractive Danish mortgage system.
'Whilst the completion of this deal is reflective of our ambitions in continental Europe, it is also aligned with Aviva Investors’ wider decarbonisation strategy, concentrating on energy efficient buildings, which benefit the environment and our occupiers.'
The property is in Kolding in the 'Triangle Area' of Jutland, one of Denmark’s important hubs. It is situated across from one of the country’s leading shopping centres, which will drive footfall to the asset.
Aviva Investors was advised by its local partners Capital Investment and Bruun & Hjelje during the acquisition.
