CBRE Global Investment Partners (GIP), in joint venture with Portus Retail, has acquired BIG Shopping Centre, in Herlev, Copenhagen, Denmark, from NREP on behalf of the European Co-Investment Fund (ECF).
The 45,705m² BIG Shopping Centre is a unique retail concept, combining traditional shopping centre food and fashion anchor tenants, alongside a large leisure offer and big box retailers. The scheme is 98% leased to 26 major retail tenants, including Føtex, H&M, Elgiganten, Jysk, Power and Nike.
The centre is located in an affluent catchment area of 1.7 million inhabitants 10km northwest of Copenhagen City Centre. Benefitting from being in Denmark, one of Europe’s best performing economies with a low unemployment rate and strong GDP growth forecast.
Jeremy Plummer, head of EMEA and CEO, CBRE Global Investment Partners said, “This is the fourth acquisition for the ECF fund and BIG was a great opportunity to buy a well-performing asset with a real differentiation within the retail sector.”
Rasmus Nørgaard, partner, NREP said, “We have developed BIG together with our partner NPV, and BIG has been a strong investment for our NSF1 fund. We are convinced that BIG also will be a strong investment for CBRE and Portus.”
Peter Todd, founder, Portus Retail said, “Portus Retail was established with the objective of creating and managing high performance retail environments and destinations across Europe. The acquisition of BIG is a perfect example of the type of opportunities we will be focusing on.”
GIP and Portus Retail were advised and assisted by Danish law firm, Plesner and Capital Investment; NREP’s advisors being Accura and Sadolin Albaek/JLL.
