PATRIZIA has agreed the acquisition of Ringsted Outlet, Denmark’s only premium outlet village, through its flagship value-add fund TEP VII. The outlet is located in the heart of the Zealand region, just 50 km outside of Copenhagen, and within a 45-minute drive of more than 2 million people.
Spanning over 13,400m² of retail space, Ringsted Outlet has an occupancy rate of 97% and features a strong brand mix with a number of key anchor tenants, including Nike, Hugo Boss, Levi’s and Adidas, as well as numerous other international fashion brands such as Guess, Lacoste and Gant. The property is easily accessible by car and benefits from good public transport links, with direct trains from Ringsted to central Copenhagen in just 35 minutes.
In line with broader outlet trends, the asset delivered strong performance in 2021, with turnover and footfall both materially up on pre-pandemic levels. Ringsted Outlet also benefits from substantial value-add opportunities, with the potential to expand its GLA to further strengthen its premium tenant mix and enhance the overall customer experience.
Charles-Nicolas Tarrière, Managing Director, PATRIZIA and Fund Director of the TransEuropean Fund Series, said: “Ringsted Outlet is a strong addition to our investment portfolio, consistent with TransEuropean’s balanced income and capital growth strategy. We’re pleased to have secured this high-quality asset, which follows several months of meticulous occupier-based research and builds on PATRIZIA’s 15 years of outlet ownership experience in the Nordic region. In addition to the centre’s robust performance and enviable tenant mix, there are numerous value-add opportunities that we will be looking to unlock together with our JV partner REALM.”
Dan Valenzano, Managing Director of Pan-European Transactions, and Anders Klingbeil, PATRIZIA Denmark Country Manager and Head of Asset Management, added: “The acquisition of Ringsted Outlet represents an exciting expansion of PATRIZIA’s €2.5bn Nordic real estate portfolio and increases TEP VII’s strategic presence in the Danish market. The outlet sub-sector continues to outperform traditional retail segments thanks to its strong value proposition, unique customer experience and the close alignment on performance that turnover rents provide. We look forward to enhancing Ringsted’s retail offering in partnership with REALM, as well as pursuing further outlet centre investment opportunities in Europe.”
