On 19 March 2009 a new shopping centre called Entré opened in Malmo. ALECTIA acted as the consulting firm for the investor Commerz Real AG, a subsidiary of Commerz Bank, Germany’s second largest bank.

The fund invests in properties all over the world, primarily in Europe and Asia. Chresten Schäffer, Regional Manager for Commerz Real AG, says:

“We have an excellent relationship with ALECTIA, who acted as our quality and technical consultants. They have been our extended arm by being present as we are based in Germany. ALECTIA’s overall job was to ensure that the technical conditions met with our expectations of a good investment."

Technical due diligence and project monitoring
ALECTIA also carried out technical due diligence at the shopping centre for Commerz Real AG, and thereby helped provide a project description that safeguarded the buyer’s interests. Through project monitoring, ALECTIA was able to ensure that the project developer delivered according to the contract.

“ALECTIA followed construction closely and advised on technical risks and potential problems along the way. It is important that our consultants don’t get lost in technical detail, but that their broad technical knowledge supports and focuses on what will 'make or break' a good investment. The retail trade needs to focus on the shopping experience, including the indoor climate, logistics, waiting times and energy consumption etc.

ALECTIA understands our situation as an investor. It is hard for us to control our investment along the way. We have had good, relevant and regular project monitoring and reporting on the technical quality of the construction and legislation. We have all the time been able to see the bigger picture and have been able to follow the building process in relation to timeframes and costs. They have also controlled our project’s ‘forward funding’, so that along the way we have only paid in line with the real value on the building site.”

Close and trusting relationship
Chresten Schäffer says: “We have been very satisfied with our partnership. ALECTIA has proved to be enormously knowledgeable and we have a close and trusting relationship. We have worked together previously on other acquisitions of larger properties, which did not end in a purchase despite being close to it. That is why we would contact ALECTIA next time we plan to invest in a property in the region. It is of course too early to say anything about whether it will be a good investment. But from a technical perspective we are very satisfied with the location, the architectural design and the technical construction aspects in the centre.”

Entré shopping centre in Malmo
The 40,000 m2 shopping centre with 29,000 m2 of parking spaces and other common areas cost approx. DKK 1.2 billion. Shops in the centre comprise 30,000 m2, while the remaining 10,000 m2 are taken up with a cinema, restaurants, bowling alley, fitness centre and children’s play area. The Danes will also be sure to visit Entré, as the Swedish krone is currently low and the shopping centre is also open on Sundays.