Global real estate investment firm StepStone Real Estate (SRE) has recapitalised a portfolio of seven necessity-based community shopping centres in partnership with Nordic real estate investment manager NREP, the current manager of the portfolio.
The total value of the transaction is over DKK 1.4 bn (€190 mln), with debt financing provided by Nykredit.
'This transaction created further liquidity and realized gains for our investors following a sizeable portfolio sale we completed in late 2017,' commented Rasmus Norgaard, CIO of NREP.
'By partnering with StepStone, we’ve also secured additional capital and several more years to further develop value in this portfolio longer term.'
The properties are all moderate-size grocery-anchored shopping centres that include other necessity-retailers such as pharmacies and medical offices, as well as experiential based retailers such as fitness centres, and food and beverage outlets. All are located on commuter rail and other major transportation facilities in greater Copenhagen and Aarhus, Denmark’s second largest city. Several properties have additional residential development opportunities.
'SRE is excited to partner with NREP, who we consider to be an exceptionally strong fund manager, in the recapitalisation of this portfolio,' said Josh Cleveland, a partner of SRE.
'We are attracted to this portfolio given continued demand for well-located necessity-based retail and the positive demographic trends, strong economies and growth potential in the Nordic region and in Denmark in particular,' Cleveland concluded.
NREP was advised by C&W and Bruun & Hjejle on both transactions.
SRE was advised by Sadolin & Albæk, Plesner and Jones Day.
