EPISO3, a fund advised by pan-European real estate investment manager Tristan Capital Partners and joint-venture partner Solstra Capital Partners, will invest in excess of 650 million Danish kroner (€90 million) in a half-built local shopping center that it has acquired in an affluent residential suburb of Copenhagen from Holberg Fenger Invest. It plans to complete the development in time for it to open its doors in the autumn of 2016.
European Property Investors Special Opportunities 3 (EPISO 3) has purchased the 25,650 m² Galleria development in Vanløse, a district 5 km west of central Copenhagen. The site is adjacent to the main subway, rail and bus stations that provide public transport links to the center of the Danish capital, the city’s international airport and the neighboring districts of Grøndal, Flintholm and Brønshøj. EPISO 3 acquired Galleria with minority joint-venture partner Solstra Capital Partners.
Daniel Harris, Managing Director for Investments at Tristan Capital, said: “Investing in neighborhood shopping centers with a dominant position in local catchment areas is an active theme for Tristan funds and this acquisition follows purchases in Germany and Austria of assets. Vanløse has undergone rapid gentrification since the metro station opened in 2002 and Galleria will create a much needed convenience-oriented service to a community that lacks a strong local retail offer.”
The Galleria development site is adjacent to Vanløse station, the end of the two Copenhagen metro lines. The station is also part of the regional suburban S-train network that offers good local bus services. The ease of commuting to central Copenhagen has transformed Vanløse into a popular middle-class residential neighborhood, which is reflected in the district enjoying one of the three highest household income levels in the greater Copenhagen region and the joint-lowest level of unemployment.
Source: Tristan Capital Partners