Resolution Property has formed a joint venture with Lalandia to develop a €120m Designer Outlet project in Billund, Denmark, which is set to open in 2019.
Resolution will be the majority partner in the outlet centre joint venture, holding 90%, with current landowner Lalandia, the well-known Danish holiday village operator, accounting for the remaining 10% share.
The joint venture will own the development site, which benefits from building permission for 20,000 m² of outlet retail over two phases.
Construction of the 12,084 m² Phase 1 is expected to start early 2018, completing in Spring 2019, while the 8,496 m² Phase 2 is scheduled to start in early 2019 with completion in Autumn 2020.
Billund Designer Outlet is strategically located within the Triangle Region with close proximity to three of the five biggest Danish cities Arhus, Odense and Esbjerg. The site is less than 90 minutes from the German border with a catchment population of 2.3 million.
The site is adjacently situated to LEGOLAND Billund Resort, the Lalandia Holiday Resort with 880 holiday homes, Lalandia Aquadome, and three tourist hotels. There is approximately 3 million tourists in Billund annually and the site is only 5 minutes away from Billund International Airport, the second largest airport in Denmark with over 3 million travellers annually.
Shane Scott, Partner & Head of Asset Management, said: “Billund Designer Outlet is a significant step forward in our strategy to expand our portfolio of top quality outlet centres in Europe. Resolution is committed to looking at projects early on in the development cycle to ensure the asset offers an unparalleled level of quality in an accessible location with very strong retail potential.”
Mark Owen, Head of Development at Resolution Property said: ‘‘We are working with a solid team to deliver this major new retail destination and to create the best possible tenant mix, brand and marketing strategy. It promises an unprecedented level of quality and creativity in its conception and design, in an accessible location with very strong retail potential.’’
