05/16/2012 - 11:05 AM
Denmark’s Second-Largest Shopping Centre Up for Sale
# # #
- Denmark’s Rosengårdcentret, country’s second-largest shopping centre, up for sale
Cushman & Wakefield, the world’s largest privately held commercial real estate services firm, has been appointed to sell Rosengårdcentret, Denmark’s second largest shopping centre with a GLA of over 100,000 sq m and 158 units located in Odense on Funen.
Rosengårdcentret has been put up for sale by its private owners who have selected Cushman & Wakefield to conduct an international and domestic marketing campaign to potential investors. The centre is expected to generate significant interest and is likely to be the largest single asset sale in Denmark in 2012.
Commenting on the timing of the sale, Ove Jensen, the chairman of Rosengårdcentret, said; "The financial crisis has resulted in historically low interest rates, the like of which we have not experienced for the past 50 years. At this time, many regard stocks and bonds as either too risky or offering the prospect of very low returns, hence the interest for investments in prime assets such as Rosengårdcentret.”
Rosengårdcentret is Denmark’s second largest shopping centre with 158 units with a GLA of 110,000 sq m. The centre includes two large grocery stores, a cinema, fitness center, toy superstore, crèche, 16 cafes and restaurants, pharmacy and gas station. In 2009, Rosengårdcentret was nominated the Nordic region’s best shopping mall. There is potential to further enhance the retail mix through extension.
Rosengårdcentret has a strong and loyal customer base and has maintained footfall and revenue during the financial crisis. The first phase was built in 1971, and it has been continuously developed, expanded and modernized making it a modern and vibrant shopping centre. Over the past five years the current owners have renovated the centre with capital investment of over 50m EUR. Despite the continual development and enhancement, development opportunities still exist from which a new owner could benefit.
Ove Jensen continued, “We have selected Cushman & Wakefield for its excellent track record in advising on and selling shopping centres globally. The international experience is important for us as Rosengårdcentret will appeal to both domestic and overseas investors.”
Claus Bælum, Partner at RED, Alliance Partner of Cushman &Wakefield in Denmark said: “The opportunity to market a Danish asset of this size and quality to an international audience is rare and will certainly help to focus international attention and interest on the Danish real estate market.”
The instruction will be managed by Michael Rodda, Head of Retail Capital Markets for Cushman & Wakefield in Europe and Claus Baelum, Partner of RED in Copenhagen.
About Cushman & Wakefield
Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917 it has 235 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, fully-integrated on a global basis, including leasing, sales and acquisitions, debt and equity financing, investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $5.5 billion in assets under management through its wholly-owned subsidiary Cushman & Wakefield Investors. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.
In Denmark, Cushman & Wakefield’s alliance Partner is RED - Property Advisers.