Cushman & Wakefield, in collaboration with Copenhagen-based consultants Property Partners and RED Property Advisers, has advised on the sale of Rosengårdcentret – the second largest shopping centre in Denmark – to ECE’s European Prime Shopping Centre Fund for around €400m.
ECE’s purchase of the shopping centre is the first time the business has invested in Scandinavia.
Located on the island of Funen (Odense), Rosengårdcentret covers 110,000 sq m and attracts almost 7.5 million visitors each year. It opened in 1971 and has been continuously developed, expanded and modernised – the centre now boasts 158 stores and includes a cinema and a fitness centre.
Michael Rodda, Head of Retail, EMEA Capital Markets at Cushman & Wakefield, said: “This is a significant investment by ECE’s fund and the first time the firm has entered the Scandinavian market. Rosengårdcentret is a solid asset with strong heritage and the potential to further increase its value in the future.”
Dr Volker Kraft, managing partner of ECE Real Estate Partners, said: “The acquisition of Rosengårdcentret is the biggest trade to date for ECE’s European Prime Shopping Centre Fund. The acquisition is interesting for us as it ensures the fund has an even better geographical spread of our investments. It also fits into the fund strategy to acquire leading shopping centres with the possibility of adding value.”
ECE Project Management will take over the management of the shopping centre and its existing employees.