CBRE Global Investment Partners (CBRE GIP) and its partner Portus Retail have taken the BIG Shopping Centre in Copenhagen off the market to explore ways of increasing the value of the scheme, EuroProperty has reported.
The sale of the asset was launched in March this year when CBRE GI and Portus were thought to be looking for a price of around €150 mln.
Sadolin Albaek, then JLL’s strategic partner in Denmark, was appointed to sell the centre.
The 45,705 m2 shopping scheme in Herlev, a suburb in north-west Copenhagen, had been acquired from Nordic private equity property firm NREP in May 2016 by CBRE GIP in a joint venture with Portus Retail on behalf of the European Co-Investment Fund (ECF).
Before marketing the scheme for sale, CBRE GIP and Portus Retail had added value to the centre by leasing empty units, stabilising turnover rents and improving the management and marketing, although no extra development took place.
Portus Retail founder Peter Todd said the property had been taken off the market because it had been realised there is latent value in the centre if additions are made.
This article first appeared in EuroProperty, a PropertyEU weekly publication.