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About RED

RED is a real estate company that offers sales, rental, tenancy advice, and valuation services. It is based in Copenhagen, Denmark.

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Amaliegade 3, 5th floor

Copenhagen, 1256,


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Latest RED News

Retail Estates : Announcement of half-year results financial year 2022-2023

Nov 21, 2022

11/21/2022 | 01:19am EST Message : ANNOUNCEMENT OF HALF-YEARLY RESULTS FOR THE 2022-2023 FINANCIAL YEAR (closed on 30.09.2022) EPRA EARNINGS1 FOR THE FIRST QUARTER OF FINANCIAL YEAR 2022- 2023 AMOUNTS TO € 39.06 MILLION (€ 2.84 PER SHARE) THE FAIR VALUE OF THE REAL ESTATE PORTFOLIO AMOUNTED TO € 1,817.16 MILLION ON 30 SEPTEMBER 2022, WHICH REPRESENTS AN INCREASE BY € 57.28 MILLION (3.25%) COMPARED TO THE FAIR VALUE ON 31 MARCH 2022 (€ 1,759.88 MILLION). STABLE OCCUPANCY RATE (97.37%) INTEREST RATE HEDGING INSTRUMENTS CONTROL INTEREST COSTS HALF-YEAR REPORT 2022-2023 AVAILABLE 1 EPRA earnings are calculated as follows: net result excluding changes in the fair value of investment properties, excluding the result on the disposal of investment properties and excluding changes in the fair value of financial assets and liabilities. ACTIVITY REPORT FOR THE FIRST HALF-YEAR2022-2023 ENDING ON 30 SEPTEMBER 2022 1.1 Rental income and occupancy rate2 The net rental income amounted to € 60.62 million in the first six months of the financial year, an increase by 5.64% with respect to the comparable six months in the 2021-2022 financial year. The net rental income in that period amounted to € 57.38 million. The occupancy rate on 30 September 2022 was 97.37%, compared to 97.83% on 31 March 2022. 1.2 Fair value3 of the real estate portfolio The fair value of the real estate portfolio (including non-current assets under construction) on 30 September 2022 amounted to € 1,817.16 million, which represents an increase by € 57.28 million (3.25%) compared to the fair value on 31 March 2022 (€ 1,759.88 million). This effect is the result of the investments and divestments during the first half year (in particular the acquisition of a 90% interest in the retail park Tref Center in Venlo (see below) for an amount of € 35.71 million) and the variations in the fair value of investment properties. The variation in the fair value of the real estate portfolio amounts to € 22.57 million and can mainly be explained by an increase in the value of the real estate portfolio amounting to € 27.67 million. Based on the contractually owed rent, rent return (versus investment value) on the portfolio as determined by the real estate experts amounts to 6.77%. As of 30 September 2022, the real estate portfolio consists of 1,002 properties with a lettable surface of 1,186,521 m². 1.3 Investments4 - retail parks On 4 July 2022, Retail Estates invested € 35.71 million in the acquisition of a 90% interest in retail park Tref Center in Venlo (the Netherlands - province of Limburg). The investment took place in cooperation with the Dutch real estate investor Westpoort Vastgoed, which acquired a 10% interest in the same transaction. The share of Retail Estates in the transaction amounts to € 35.71 million and generates a rental income of € 2.52 million, representing an initial yield of approximately 7%. According to real estate expert Cushman & Wakefield, the investment value of Retail Estates' share is € 35.5 million and the fair value amounts to € 32.83 million. The retail park Tref Center has been developed around Tref Box, a hypermarket that is not included in the transaction. It is a combination of food and non-food retailers that is seldom seen in the Netherlands but is quite common in the United Kingdom. The park comprises 19 retail properties with a total surface area of 31,295 m2 and a petrol station. The main tenants include Lidl, Pets Place, Basic Fit, KFC, Kwantum, Leen Bakker, Jysk, Bever Sport (AS Adventure) and Beter Bed. The retail park has been widely known in the Venlo region for some 50 years and has a customer zone extending from Venlo (100,000 inhabitants) to across the German border. Venlo is the second largest city of the province of Limburg, after Maastricht. Retail Estates already invested in this region in the past, in particular in in Maastricht and in Heerlen. The occupancy rate is calculated as the area actually let in relation to the lettable area, expressed in m². Fair value: investment value as determined by an independent real estate expert, with hypothetical transfer taxed deducted. The fair value is the book value under the IFRS (see also note 21 of the 2021-2022 annual report). The purchase and sales values of the investments and divestments are in line with the fair value estimated by the real estate experts. 1.4 Non-current assets under construction On 30 September 2022 the total amount of the non-current assets under construction is € 16.92 million. We distinguish five types of non-current assets under construction: speculative land positions (the so- called "land bank", i.e. residual lands of existing portfolios that are intended for possible development or will be sold at a later stage if no redevelopment is possible); prospective projects, projects under predevelopment, projects under development and projects specifically linked to sustainability. On 30 September 2022, the speculative land positions represented € 1.57 million, the prospective projects represented € 9.21 million, the projects under predevelopment represented € 3.63 million, the projects under development represented € 2.31 million and the projects specifically linked to sustainability represented € 0.2 million. A. Non-current assets under construction - prospection - overview of the main prospective projects In 2014, Retail Estates acquired the retail park at Wetteren with 14 retail units and a gross retail area of 10,423 m². The retail park, which opened in 2008, is known as Frunpark Wetteren. It is very successful and attracts consumers from far and wide. In 2016, Retail Estates acquired, by way of speculation, an adjacent plot of land with two SME properties (investment of approx. € 9 million), which are currently let. According to the Spatial Implementation Plan, a permit can in principle be obtained for retail properties destined for large-scale retail as well as for SME properties. The permit is expected in the course of 2023, the completion of the mixed-use project with retail units and SME properties is expected in the course of 2024. The costs of the procedures already completed and the preparation of the request for an environmental permit currently amount to € 0.44 million. The investment in this extension is estimated at € 3.6 million. B. Non-current assets under construction - predevelopment - overview of the main own developments B.1. Belgium In Houthalen, a permit was obtained and an agreement was entered into with a building promotor for the demolition and redevelopment of a site into flats with a retail property on the ground floor, enabling Retail Estates to still have the same retail area. The expected investment amounts to € 0.70 million. B.2. The Netherlands For the retail park in Heerlen consultations with the tenants are ongoing with regard to the permit that was obtained for the modernisation of the entire façade. The additional investment is expected to amount to approximately € 5 million. Completion is expected at the latest one year after the consent of the tenants has been obtained. Non-currentassets under construction - development - overview of the main own developments In Halle (Belgium) a new retail area will be constructed. The investment is estimated at € 1.75 million. The permits required for this development have been obtained. This project requires the construction of a number of apartments. As this is a matter outside the scope of Retail Estates, a cooperation with a property developer was negotiated, who will develop this part of the project. Completion is expected by mid-2023. D. Completion of non-current assets under construction Within the context of the ESG strategy, Retail Estates invests in the installation of photovoltaic panels on the roofs of several retail parks, both in Belgium and in the Netherlands. Over the past six months, photovoltaic panels were installed in Heerlen and Rosendaal with a total capacity of 1,604 kWp, which are expected to generate more than 1,338 MWh of green power each year. The investment value amounts to € 1.12 million. Retail Estates will charge an annual fee. 1.5 Divestments In the past half year 3 retail properties were sold. The net sales revenue amounted to € 4 million. The fair value of these properties was € 3.72 million. The rental income of these properties on the date of the sale amounted to € 0.6 million. These sales generated € 0.29 million in net added value. 2. INVESTMENTS WITH A VIEW TO FUTURE GROWTH 2.1 New IT platform Retail Estates invested in a new IT platform for its administrative back-office. On 1 April 2022 the migration to a SAP S/4 Hana platform was completed successfully, in cooperation with Deloitte Consulting. 2.2 Investment opportunities in another EU Member State Market research was conducted with a view to identifying investment opportunities in retail parks in another EU Member State still to be identified. Within the scope of this research and support for a possible first investment, Mr Koen Nevens will support the management team. Koen Nevens has distinct experience in retail property investments and has built an international network in his 27-year career with Cushman & Wakefield. Since the start of this career, he has shared a distinct interest in out-of-town retail real estate with the management of Retail Estates. 2.3 ESG investments, target 10 million (2022-2023 financial year) Over the past year, € 1.2 million was invested on photovoltaic panels in the clusters at Heerlen (NL) and Roosendaal (NL). In addition, a total of € 0.46 million was spent on sustainable maintenance and € 2.90 million on various other sustainability-related investments. The company's purpose is to invest € 10 million in ESG initiatives this year. This is an excerpt of the original content. To continue reading it, access the original document here . Attachments

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    RED's headquarters is located at Amaliegade 3, 5th floor, Copenhagen.

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