Randers Storcenter

AP Pension sells its stake in Randers Storcenter to existing co-owner Danske Shoppingcentre

AP Pension has sold it’s nearly 50% share of the Randers Storcenter shopping centre to the centre’s other owner, Danske Shoppingcentre P/S, which is owned by Danica Pension and ATP Ejendomme. The acquisition gives Danske Shoppingcentre P/S full ownership of the popular and successful shopping centre in Randers, while AP Pension realises a strong return on its investment for its customers.

In a transaction totalling in the hundreds of millions of Danish kroner, AP Pension has sold its stake in Randers Storecenter to Danske Shoppingcentre P/S, which is owned by the pension funds Danica Pension and ATP. Prior to the sale, AP Pension negotiated a new lease with Salling Group A/S that enabled the August 2018 opening of a 10,000 square metre Bilka hypermarket in the now-sold portion of the shopping centre. The sale gives AP Pension and its pension customers a return on investment in the millions of Danish kroner.

AP Pension’s sale of its ownership share in the popular Randers Storcenter should be viewed as part of the company’s portfolio management, says Peter Olsson, managing director of AP Ejendomme.

“We have been pleased with our nearly 50% ownership stake in Randers Storcenter. It has delivered good returns for our pension customers through the years, but as a natural part of our portfolio management and investment strategy, we consider the purchase offers we receive, and here we had an offer where both parties are satisfied with the agreement,” says Peter Olsson, who cannot disclose the sale price.

Randers Storcenter celebrates its 20th anniversary this year, and for much of that time AP Pension has co-owned the shopping centre with Danica Ejendomsselskab ApS and subsequently Danske Shoppingcentre P/S. Peter Olsson is therefore pleased with the opportunity to sell to Danske Shoppingcentre P/S, and he is certain that they will continue the positive development of Randers Storcenter.

“Randers Storcenter is a popular shopping centre among the residents of Randers and the surrounding region, which made it a good fit in our property portfolio at AP Pension. We have been pleased with the cooperation with Danica Ejendomsselskab ApS and later Danske Shoppingcentre P/S through the years. We are therefore also pleased to be able to sell our ownership stake to them,” says Peter Olsson.

Danske Shoppingcentre P/S is also very satisfied with the deal. It fits well into the strategy of Danske Shoppingcentre P/S, which owns and operates 17 shopping centres throughout Denmark, and the company has a long-term interest in maintaining ownership of Randers Storcenter.

“We are very pleased that AP Pension has decided to sell its share of Randers Storcenter to us. We have now consolidated ownership of the entire shopping centre, and we can continue to support its positive development for the benefit of the shopping centre’s customers and tenants. The acquired share of the shopping centre is leased to a market-leading hypermarket and will contribute to an attractive and long-term stable return for many years to come,” says André Scharf of Danske Shoppingcentre, whose views are echoed by Michael Nielsen:
“We have reached an agreement that suits both parties well. The acquisition is part of our strategy for large shopping centres, and we look forward to continuing the development of Randers Storcenter,” says Michael Nielsen from Danske Shoppingcentre.

The transaction is subject to approval by the competition authorities.