ECE has entered Scandinavia with the acquisition of the second-largest shopping centre in Denmark from private investors.
ECE has entered Scandinavia with the acquisition of the second-largest shopping centre in Denmark from private investors.
ECE's European Prime Shopping Centre Fund acquired Rosengårdcentret in Odense, Denmark’s third-largest city, from private investors. The investment volume came to €400 mln.
Rosengårdcentret was opened in 1971 and has been extended and modernised several times. It is located on the island of Funen and provides more than 100,000 m² of leasable area across 160 shops, including a CinemaxX cinema and a fitness centre. Rosengårdcentret is the largest retail destination on Funen, which is undergoing large-scale regeneration, attracting around 7.5 million visitors annually.
ECE will take over the existing Danish management team for the centre.
Volker Kraft, managing partner of ECE Real Estate Partners, said the acquisition of Rosengårdcentret is the largest transaction to be completed by the fund to date. ‘The purchase is very exciting for us as it ensures further geographic diversification across our portfolio and fits well within the fund’s strategy to acquire prime dominant shopping centres with value-creation potential.’
Cushman & Wakefield, in collaboration with Copenhagen-based Property Partners and RED Property Advisers, advised on the sale.
