Danish property developer TK Development said on Monday it has sold Enebyängen, its 14,300 m[sup]2[/sup] retail park project in Danderyd, Sweden, to German open-ended fund manager Commerz Real for some SEK 280 mln (EUR 27 mln). The property is earmarked for Commerz Real's Haus Invest Europa fund.
Danish property developer TK Development said on Monday it has sold Enebyängen, its 14,300 m2 retail park project in Danderyd, Sweden, to German open-ended fund manager Commerz Real for some SEK 280 mln (EUR 27 mln). The property is earmarked for Commerz Real's Haus Invest Europa fund.
The 14,300 m2 retail park has been sold on the basis of forward funding, with the buyer making payments as construction progresses. The project currently has an occupancy rate of 99% and counts chains such as Coop Extra, Plantagen and Sportson among its tenants.
Construction started in November this year following the decision by the municipality of Danderyd last year to commission TK Development to build a retail park in the town of Enebyängen. The retail park will be developed in two phases, with the first consisting of nine stores due to open at the end of October 2010. The last phase is scheduled to open in March 2011.
Earlier this year, Commerz Real took over TK Development's shopping centre, Entré, in Malmö, Sweden, also on the basis of forward funding.
'The sale of the retail park in Danderyd will not affect results in the current financial year, but underpins TK Development’s future earnings performance,' the company said.
