Broen Shopping

Strictly confidential

INVESTMENT MEMORANDUM

STRICTLY CONFIDENTIAL

Largest regional shopping centre in western Denmark 36,900 sq m floor space

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Largest regional shopping centre in western Denmark 36,900 sq m floor space

SILLEBROEN BROEN SHOPPING

BROEN SHOPPING

CONTENTS

5 8

Introduction

Investment highlights

10 12 14 16 24 32 34 40 42 44 45

Denmark overview

Danish economy

Danish retail market

Location Esbjerg

Property description

Floor plans

Tenant overview

Financial overview

Transaction structure

Disclaimer

Contacts

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Estimated NOI 2026* DKK 48.3m Economic vacancy 6.8% *fully let and before discounts

BROEN SHOPPING

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BROEN SHOPPING

INTRODUCTION

Colliers International Investment Services A/S is pleased to present this exceptional invest ment opportunity, offering for sale western Denmark’s largest shopping centre, BROEN Shopping, Exnersgade 20, DK-6700 Esbjerg (BROEN Shopping or the Property).

Comprising a total gross floor space of approximately 36,900 sq m, BROEN Shopping offers a diversified and resilient mix of retail and F&B brands along with a strong food anchor, a state of-the-art multiplex cinema (added in 2019), a fitness centre and ample parking. Completed in 2017, BROEN Shopping features a contemporary and innovative design. BROEN Shopping has gradually improved its visitor count in recent years, despite the setback during the repeated COVID-19 lockdowns.

In 2024, BROEN Shopping had 3.2 million visitors, with footfall expected to accelerate with the opening of a new food anchor, Føtex. In 2024, the turnover of BROEN Shopping reached DKK 347 million, excluding VAT. With a location in Esbjerg, Denmark’s 5th largest city, along with close proximity to the city centre, main station, bus ter minal, the E20 motorway as well as the city’s highly attractive and newly refurbished high street, BROEN Shopping is believed to be poised for continued strong operations.

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BROEN SHOPPING

36,900 sq m floor space 60 retail and F&B units + multiplex cinema 678 parking spaces, free parking (4 hours) Modern shopping centre (2017) City-centre location in the heart of Esbjerg

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BROEN SHOPPING

Since its opening, BROEN Shopping has continuously strived to evolve and align its offering with the demands of shoppers and tenants alike. Today, BROEN Shopping features a Føtex super market store, a multiplex cinema, a fitness centre and several F&B tenants. Retailers include both international chains, local shops and ser vice functions, all attracting customers from a wide catchment area while retaining strong local anchorage. Tourism is also a key driver of footfall in the region, with Esbjerg constituting a centre for energy and offshore activities and being set in the middle of highly popular tourist destinations along the North Sea coast.

Colliers has been retained as sell-side advisor by CapMan Nordic Real Estate S.à.r.l, and Agat Management A/S (collec tively the Sellers). The proposed sale of the Property is referred to as the Transaction. The Transaction is to take place as a share deal. Please also refer to pp. 46-47, Transaction structure. Further details will be provided in a financial data package (FDP) made available to prospective buyers along with this investment memorandum. Please contact Colliers for any ques tions relating to the Property and the Transaction. Property inspections only by prior arrangement with Colliers. Offers are invited.

BROEN Shopping has evolved into a centrepiece of Esbjerg. The shopping centre is a customer magnet thanks to its strong retail mix and robust anchor tenants, with the opening of Føtex expected to accelerate footfall.

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BROEN SHOPPING

INVESTMENT

State-of-the-art shopping centre

Opening on 10 April 2017, BROEN Shopping is a state-of-the-art shopping centre located in Esbjerg, known as the Energy Metropolis of Denmark. Comprising a gross floor space of some 36,900 sq m, the Property features 60 retail units, including several F&B units, a supermarket, a pharmacy, a fitness centre and a multiplex cinema.

City centre location

Set immediately next to a public transport hub, the high street and main pedestrian streets, a popular concert venue and the harbour area, BROEN Shopping benefits from an excellent location. The Property enjoys easy access, with the train and bus stations virtually on its doorstep and the motorway just minutes away.

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BROEN SHOPPING

HIGHLIGHTS

Large catchment area and tourist destination

Sustainable and resilient income

Thanks to its motorway proximity, BROEN Shopping is easy to access from most of the region, also for the large number of tourists flocking to the area. In fact, the catchment area boasts some 152,000 residents within a 30-minute drive and about 7 million tourists annually. Parking is ample, both on ground and on the roof of the Property.

After a period of some tenants struggling with high effort rates, the lease situation has stabilised at a resilient level, fol lowing required renegotiations and new lettings to high-per formance brands. The replacement of Kvickly with Føtex fur ther enhances income resilience, positioning the shopping centre for future growth.

Diversified and strong tenant mix

Solid investment conditions

With an impressive 94% occupancy rate, the tenant appeal of BROEN Shopping is proven. Most of the retail tenants are part of international or domestic chains, with brands and associ ated covenants being strong, for instance H&M, Burger King and Føtex along with several Bestseller brands.

Boasting AAA-rated government bonds and a solid economy with prospects of continued high employment levels and, by extension, improved household budgets, Denmark is consid ered a highly attractive investment destination.

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1 Corruption Perceptions Index rank, Europe

(Transparency International, 2024)

2 Happiest Country

(World Happiness Report, 2025)

BROEN SHOPPING

3 World Competitive Index (IMD, 2024) 1 Global Opportunity Index (Milken Institute, 2024) 5 Human Development Index rank (UN, 2024)

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BROEN SHOPPING

DENMARK OVERVIEW

5.9 million inhabitants 81.7 years average life expectancy 86 % English speakers 38 % of 25 to 64 year-olds have

Due to its geographical location as the southernmost Nordic country, Denmark links the Nordic region and continental Europe. With a population count of more than 5.9 million, Denmark is the second largest country in the Nordics. Danish economic fundamentals remain strong and stable, in terms of parameters such as GDP and employment levels substantially outperforming the rest of Europe. Please refer to p. 12, Danish economy, for a more detailed overview. Motivated by factors such as a healthy work-life balance, good availability of childcare, free education and a reliable, efficient pension system, Denmark continuously wins top rankings in studies such as the Human Development Index and the United Nations’ World Happiness Report. Denmark also ranks highly within business and finance, offering an ease of doing business and a business climate characterised by stability and security. In fact, the Milken Institute has named Denmark the best global investment destination. The ranking is based on business perception, economic fundamentals, finan cial services, institutional framework, and international stand ards and policy The attractive business climate has incentivised global firms such as Lego, Maersk, Novo Nordisk and Vestas to operate their headquarters out of Denmark.

completed medium- or long-cycle education

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Strong GDP growth in Denmark

Bright outlook for Danish consumer spending

-8% -6% -4% -2% 0% 2% 4% 6% 8% 10%

15%

10%

5%

0%

BROEN SHOPPING

-5%

16 17 18 19 20 Eurozone Denmark

21

22 23 24 E25 E26

-10%

14 15 16 17 18 19 20 21 22 23 24 E25 E26 Eurozone Denmark

Note: Growth in real GDP (year-on-year), Denmark vs eurozone Source: Eurostat, Statistics Denmark, Danske Bank, Colliers

Note: Growth in consumer spending (year-on year), Denmark vs eurozone. Source: Eurostat, Statistics Denmark, Danske Bank, Colliers

Danish unemployment at a stable low

Interest rates on a downward trajectory

5%

10% 12% 14%

4%

3%

0% 2% 4% 6% 8%

2%

1%

0%

-1%

16 17 18 19 20

21

22 23 24

16 17 18 19 20 Eurozone Denmark

21

22 23 24 E25 E26

Eurozone (3M) Denmark (3M)

Eurozone (10-year gov. bond) Denmark (10-year gov. bond)

Note: Unemployment rate, Denmark vs eurozone Source: Eurostat, Statistics Denmark, Danske Bank, Colliers

Note: Short-term interest rate (3M) and 10-year government bond yield, Denmark vs eurozone. Source: Eurostat, ECB, Nasdaq OMX Nordic, Colliers

Macroeconomic key indicators

Note: 1 Growth (% y/y), 2 As % of workforce, 3 As % of GDP.

Denmark

Eurozone

Year

2024

2025E

2026E

2024

2025E

2026E

Source figures for Denmark: Danske Bank, 21 March 2025.

3.6

3.9

2.9

0.8

0.9

1.3

GDP 1

2.9

2.9

3

6.4

6.4

6.5

Unemployment 2

0.9

1.9

2.3

1.0

1.2

1.5

Consumer spending 1

7.6

6.7

3.5

1.0

0.4

2

Exports 1

1.4

1.8

1.6

2.4

2.2

1.9

Inflation 1

32.3

29.5

27.9

89.1

90.2

90.5

Sovereign debt 3

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Denmark’s economic fundamentals remain strong

DESIGN

BROEN SHOPPING

DANISH ECONOMY

Resilient economy

Safe-haven investment market

Unrivalled mortgage system

• Danish economic growth resilient and stable despite geopolitical unrest. Sustained high employment and stable low inflation forecast for the coming years. • Danish unemployment substantially below eurozone equivalent. • Low sovereign debt.

• Denmark tops the global

• Denmark offers unrivalled mortgage financing based on flexibility, a transparent cost structure, exceptionally low financing costs and favourable repayment terms. • Loan-to-value (LTV) ratios of

Corruption Perceptions Index 2024 on account of several

factors, including low public-sector corruption and high transparency in politics. • Consensus-based political stability

and continuity provide low risk framework conditions for investment.

50–80%, depending on asset type and debtor’s credit rating; fixed or floating rates with maturities of up to 30 years.

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BROEN SHOPPING

RETAIL MARKET DANISH

Russia’s invasion of Ukraine in February 2022 instantly sparked anx iety about the future as gas and electricity prices started to soar. Overnight, inflation hit a 40-year high, and interest rates climbed. As a result, consumer confidence suffered a severe dent, with Danish households lowering their expectations of the future. Consumer confidence continues to struggle as the global outlook was exacerbated by the latest unrest in the Middle East, triggered by an attack on Israel in October 2023, along with rising concerns and po litical unpredictability with Donald Trump taking office in the US in January 2025.

ish household economies. 2025 is predicted to see renewed growth in consumer spending, with household spending expected to recover.

Danish consumers have a clear preference for shopping centres, with this segment accounting for a significant share of total retail spend.

Although e-commerce is becoming an increasingly important factor in the Danish retail landscape, the coronavirus pandemic made con sumers rediscover the demand for real-life retail experiences in brick and-mortar shops. Regional destinations such as BROEN Shopping are perfectly posi tioned to cater to the increasing demands on multi-channel retailing and the overall shopping experience.

Against the backdrop of more stable inflation and rising wages of 3.2% in 2024, however, the outlook seems to be brightening for Dan

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Households expect their situation to improve as wages increase

30

BROEN SHOPPING

20

10

0

-10

-20

-30

-40

12

13

14

15

16

17 18 19 20

21

22

23

24 25

Consumer confidence indicator

Financial situation of the households over the next 12 month

Note: Consumer expectations (net figures) according to indicator and over time. Financial situation in this connects means Danish households’ own perception of their future financial situation. Source: Statistics Denmark, Colliers

The return of real wage growth

10%

CAGR: 2.22% (Physical stores)

8%

6%

4%

0% 2%

-2%

-4%

-6%

17

18

19

20

21

22

23

24

Wage growth

Inflation Real wages

Source: Statistics Denmark, Colliers

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PRIMARY CATCHMENT AREA (15-minute drive)

40,800 households and 83,000 people (estimate)

BROEN SHOPPING

EXTENDED CATCHMENT AREA (30-minute drive):

69,700 households and 161,100 people (estimate)

LOCATION ESBJERG The city of Esbjerg is located on the Jutland peninsula, directly on the North Sea coast, with easy motorway access to both Aarhus and Odense. In the past, Esbjerg was Denmark’s unri valled fishing port, but is today known as the Energy Metropolis of Denmark with the port serving as a centre for energy and offshore activities, involving mainly wind turbines.

Esbjerg is a popular tourist destination favoured by German tourists in particular.

Against the backdrop of a solid economic outlook and an ambi tion to become the new growth centre of Denmark, Esbjerg Municipality strives to nurture and expand its business commu nity, fostering favourable demographic developments aimed at making Esbjerg a vibrant and diverse city. As part of this effort, Esbjerg is creating a high concentration of creative hotspots and cultural attractions, all supporting an international environment. Esbjerg offers a rich music scene, with Musikhuset Esbjerg staging concerts that feature both domestic and internationally acclaimed artists. Designed by architects Jan and Jørn Utzon, Musikhuset Esbjerg (in English Esbjerg Performing Arts Centre) stages plays and various events.

The green focus is reflected in the graduate programmes offered at the city’s university, which also involve the green transition. Esbjerg is the fifth largest city in the country and the largest city in western Jutland, with approximately 115,000 inhabitants residing in Esbjerg Municipality. Esbjerg benefits from a strong strategic position in the Region of Southern Denmark (also simply referred to as Southern Denmark). Due to the city’s proximity to the German border,

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CATCHMENT AREA

Billund Airport

BROEN SHOPPING

VARDE

Esbjerg Airport

ESBJERG

BRAMMING

Fanø

RIBE

Source: Finans Danmark, Statistics Denmark

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BROEN SHOPPING

In addition, the city hosts the annual Suset music festival on the harbour areas and a festival week, Esbjerg Festuge, with music, events and activities for young and old. Denmark’s energy transition metropolis The green transition is generally a high priority in Denmark, where Esbjerg has played a crucial role due to its strategic loca tion directly on the North Sea. This is evident in the fact that Esbjerg Port has been involved in more than 50% of all offshore wind farms in Europe. With the increased focus on sustaina bility, becoming manifest in ambitious political goals, Esbjerg is expected to benefit even more from this development. Esbjerg aims to be one of Denmark’s leading municipalities in the production, distribution, and consumption of energy in the most sustainable way. Therefore, Esbjerg Municipality has set a goal to become a carbon-neutral municipality by 2030. In summer 2022, Germany, Denmark, Belgium and the Netherlands signed the so-called Esbjerg Declaration, stipu lating a joint target offshore wind power delivery of minimum 65 GW in 2030 and 150 GW in 2025. With this agreement,

Esbjerg Port along with numerous private-sector companies in the sustainable energy sector play a significant role in the EU’s green transition plan. Since the parties signed the declaration last year, several major projects have been set in motion with commitment from large institutional investors. For instance, domestic pension funds AP Pension and PensionDanmark have agreed to back several sig nificant projects to be initiated in the coming years with a total investment volume in excess of DKK 9 billion. Moreover, Esbjerg Port has agreed to expand once again, this time by 500,000 sq m of land exclusively for offshore wind turbines. On the back of the rapid development of Esbjerg’s sustain able energy sector, factors like the establishment of new edu cational facilities, apartments, hotels and a vibrant cultural scene will contribute to the ongoing development of Esbjerg, all serving to make the city a more attractive place to live and work, while also ensuring overall economic growth for the city in the future.

The story of Esbjerg’s evolution from Europe’s biggest fishing port to Denmark’s oil and gas hub, to now being the world’s leading offshore wind port and future power-to-X hot spot, is a case study in the energy transition in action.

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Selected key development schemes

BROEN SHOPPING

Investment volume, DKKm

OWNER

PROJECT

ETS

ETD

Euro Steel The company will build a new 60,000 sq m production facility serving the purpose of producing steel components for the wind industry.

500+ Ongoing

na

Esbjerg Port The port is currently building a 4,600 sq m storage and assembly facility for the off shore wind and maritime industry. A part of the facility is pre-let to Nicon Industries.

Late 2025

na Ongoing

Region of Southern Denmark The Region of Southern Denmark has allocated funds for the construction of a new 2,500 sq m warehouse and logistics facility for Esbjerg Hospital. The facility will focus on automatisation and sustainability. A main contractor is yet to be appointed.

90 Ongoing 2027

PensionDenmark PensionDenmark has agreed to develop projects, including offshore wind produc tion facilities (DKK 5.8bn), terminals for handling Power-to-X and CCS (DKK 0.5bn) and general infrastructure (DKK 0.5bn). Further investments include the develop ment of flex-terminals, logistics properties and facilities for green fuel. The projects are expected to create more than 1,000 new jobs in Esbjerg. AP Ejendomme AP Ejendomme and Esbjerg Municipality will together create a new district on the artificial harbour island off Esbjerg Strand. The project will extend to approximately 90,000 sq m, and in addition to two educational institutions (supported by Education Esbjerg), it will include a grocery store, a hotel, a restaurant, and housing (several hun dred owner-occupied or rental apartments). Esbjerg Port / Ziton The port is currently building a 5,000 sq m storage facility for large components for the offshore wind industry. When completed, the facility is let to Ziton on a lease car rying a 20-year non-terminability term.

7,000+ na

na

2,000+ na

na

Autumn 2025

na Ongoing

CIP (Copenhagen Infrastructure Partners) Høst PTX (Power-to-X) is one of the largest projects in its field in Europe and will include a 30,000 sq m ptx-based ammonia facility. It is believed to create between 100-150 permanent jobs.

10,000 Ongoing 2028/2029

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MICRO LOCATION WITH STRONG CONNECTIVITY

Due to its construction, the Property enjoys immediate access to the central train station of Esbjerg. As a result, the Property is highly vis ible to all passengers arriving by train or by bus at Esbjerg main bus station, which is located right next to the train station. The train sta tion offers regional and international rail links to e.g. Copenhagen, Aarhus and Hamburg. Bus services link to most towns and cities in the catchment area. Due to its ideal location, the Property is exposed to a natural flow of potential customers entering Esbjerg not only by train or bus but also by car via the motorway grid, with the E20 a mere three-minute drive from the Property. Jutland benefits from a well-developed motorway grid, making it relatively easy to reach all destinations in Jutland and the rest of Denmark. In addition, the Danish-German border is only a 60-minute drive away.

By spanning the railway tracks that lead to the Esbjerg harbour area, the Property connects the bustling city centre with the densely populated eastern part of the city. Apart from linking the city districts, the Property blends in perfectly with the sur rounding city environment due to its welcoming and open architecture, making it a fully integrated extension of the city’s main shopping street.

BROEN SHOPPING

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POPULAR TOURIST DESTINATION With its location on the North Sea coast, Esbjerg lies at the centre of some of Denmark’s most popular tourist destinations. In fact, combined the municipali ties of Esbjerg, Fanø and Varde recorded approximately 7.0 million leisure- and business-related overnight stays in 2024, while the total number of overnight stays in Southern Denmark was 19.6 million. German guests are the most fre quent visitors, but many Swedes and Norwegians also visit Southern Denmark. During the coronavirus pandemic, however, many Danes opted for staycation, similarly flocking to holiday homes and resorts along the North Sea coast. A large proportion of the visitors, approximately 43%, stay at private holiday homes in the region rather than at hotels and therefore have daily shopping requirements, which the Property also caters for. Indeed, tourists are believed to account for a substantial share of visitors to BROEN Shopping due to its wide range also of specialty shops, restaurants and leisure facilities. Tourism is a strong growth driver in many sectors and one of the most impor tant export industries in Denmark. Southern Denmark is the second largest region in Denmark measured on tourism revenue, only surpassed by the Capital Region of Denmark. With its wide range of shopping opportunities BROEN Shopping benefits from its location in a tourist hotspot.

BROEN SHOPPING

HOTSPOT FOR BUSINESS AND TOURISM 7 million leisure- and business- related bednights annually

VARDE

ESBJERG

FANØ

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BROEN SHOPPING

LOCATION

+ City-centre location in the heart of Esbjerg, Denmark’s Energy Metropolis + Attractive catchment area with strong tourist inflow

Selected destinations and travel times

Esbjerg pedestrian street E20 motorway 100 m 100 m 1.5 km 1 min. 1 min. 3 min. On foot On foot By car Esbjerg central station

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BROEN SHOPPING

Esbjerg pedestrian street

Esbjerg central station

Danish/ German border

Esbjerg Airport

Billund Airport

Kolding

Aarhus

12 km 63 km 70 km 82 km 165 km 10 min. 45 min. 45 min. 1 h. 10 min. 1 h. 54 min. By car By car By car By car By car

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BROEN SHOPPING

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BROEN SHOPPING

BROEN SHOPPING DESCRIPTION

In Danish aptly named ‘the bridge’ as it spans the railway tracks, BROEN Shopping is a spec tacular and contemporary shopping centre building situated in central Esbjerg. The Property was completed in 2017 and extended in 2019 to add a multiplex cinema.

The Property comprises 25,053 sq m net retail space, 1,412 sq m net storage space and 10,415 sq m space used for technical or common/access areas, with 4,682 sq m of this space allo cated to the Property’s tenants. Overall, the Property has a total floor space of 36,880 sq m, with two rectangular ground floor constructions running on either side of the tracks, one along Exnersgade and the other along Jernbanegade. Three main entrances are located at Exnersgade, Skolegade and Kongensgade, the main pedestrian street. Furthermore, the Property has a large goods delivery area, including loading docks and several lifts.

railway tracks. An adjoining building along Jernbanegade, but fully integrated with the Property at first-floor level, accom modates a new state-of-the-art 3,568 sq m multiplex cinema, which features eight screens and seats more than 1,000. As the railway tracks literally run through the Property and trains therefore pass below the first floor of the Property at regular intervals, the ceiling height of the ground floor of the Property is very substantial, giving a light and spacious feeling to the Property. In addition, it allows tenants to create mezza nine floors to optimise space utilisation. Restaurant Flammen, Burger King, Café Vivaldi and PureGym are among the ten ants taking advantage of this option, with mezzanine space accounting for 1,417 sq m floor space in total. In addition, a few

Extending to 20,614 sq m floor space, the first floor of the Property is a grand, nearly square deck stretching across the

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BROEN SHOPPING

BROEN is the Danish word for BRIDGE

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BROEN SHOPPING

F&B units have serving areas outside the store, viz. Café Vivaldi and Ginza House (sushi bar).

Apcoa Parking Danmark. BROEN Shopping offers customers four hours of free parking. Covered bicycle parking is provided below the ramp. Inside the Property, a good customer flow is facilitated by e.g. wide walkways, escalators and passenger lifts throughout the building. Due to its square building shape and internal layout, the Property is very easy for visitors to navigate.

Similarly, the rooftop of the Property is fully utilised, holding 595 customer parking spaces as well as technical installations and control rooms. At Exnersgade, a heated car park ramp gives access to the roof parking deck. From the parking deck, visitors gain access to BROEN Shopping via three glass atrium entrances. An additional 83 parking spaces are available at ground-floor level below the cinema, bringing the total number of parking spaces to 678. Parking operations are handled by

The Property was designed by Aarstidernes Architects and constructed by renowned KPC, among others.

Broen is the Danish word for bridge, an accurate description of the Property, BROEN Shopping, both metaphorically and literally. The shopping centre is constructed on two land plots on either side of the railway that would otherwise be too small and inconvenient to develop, but by using innovative architecture, the Property connects and activates the area

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Area specifications

BROEN SHOPPING

Floor

Net retail space sq m 1

Net storage space, sq m

Technical and common/ access space, sq m

Total, sq m

1. 3,488 sq m cinema included, with 693 sq m situated on the ground floor and 2,795 sq m on the first floor. 2. 1,417 sq m mezzanine floor space included. 3. In addition, some 16,000 sq m rooftop space is used for parking, offering 595 spaces.

Basement

-

-

342

342

Ground floor 2

8,292

1,412

4,334

14,038

First floor

16,761

-

3,853

20,614

Rooftop 3

-

-

1,886

1,886

Total

25,053

1,412

10,415

36,880

North-eastern atrium South-eastern atrium North-western atrium

. 1

. 2

. 3

Exnersgade

2

1

Parking deck

Entrance Kongensgade

Ramp - parking deck

3

Kongensgade

Entrance Exnersgade

Entrance Skolegade

Cinema

Skolegade

Jernbanegade

Esbjerg central station

Trains and buses

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Key property facts

BROEN SHOPPING

Jernbanegade 9-11 and Exnersgade 18-22 DK-6700 Esbjerg

ADDRESS

1417d and 1417g Esbjerg Bygrunde, Esbjerg

TITLE NOS.

1417 d

2017 (cinema: 2019)

COMPLETION

1417 g

1417d: 10,309 sq m 1417g: 7,224 sq m

SITE AREA

36,880 sq m

TOTAL FLOOR SPACE

60, plus multiplex cinema

NUMBER OF RETAIL UNITS

VISITOR COUNT, BROEN SHOPPING

Million visitors

Cinema opens (March)

3.5

678

NUMBER OF PARKING SPACES

3.0

BROEN Shopping

opens (April)

2.5

A

ENERGY LABEL

2.0

1.5

DKK 136 million

PUBLIC VALUATION (PROVISIONAL SITE VALUE)

1.0

0.5

0 2017 2018 2019 2020 2021 2022 2023 2024

Intermittent lockdowns due to COVID-19 pandemic

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BROEN SHOPPING

Innovative structure ensures healthy customer flow Unlike most shopping centres that have closed spaces with focus on generating ground-floor customer flow, BROEN Shopping has introduced a new approach. The traditional parking basement has been replaced by a bright and green parking area on the roof and narrow entrances have given way to open glass facades, inviting customers inside as well as seamlessly blending in with the surrounding city. Studies have shown that a minority of customers reach the top floor in a traditional two-storey shopping centre. As BROEN Shopping spans the railway, the ground floor will not serve as the main shopping area, but rather as an entrance environment intended to draw customers in and direct them to the next floor. The main source of customer flow is the original high-street area, composed of the adjoining streets of Kongensgade/ Skolegade. Due to signage and a prominent tall façade, the Property is visible from the entire area, and three entrances ensure easy access. The ground floor is focused towards lei sure and food and beverages, all provided in an open environ ment with atriums to the first floor. Escalators and lifts provide access to the first floor.

Shoppers arriving by car access the rooftop parking deck by means of a wide ramp at Exnersgade. From the roof, moving walkways and lifts lead to the shopping centre. The entrances naturally direct customer traffic to the two main atriums on the first floor. From this vantage point, a circle struc ture makes it easy to explore all areas and navigate. Anchor ten ants such as H&M, Sport24, Nordisk Film (cinema) and Føtex are placed strategically along the three atriums to entice full circulation. The placement of food anchor tenant Føtex on the first floor ensures substantial footfall in this area. Inside BROEN Shopping, the segmentation and mix of ten ants are results of careful planning. The north-western atrium has a concentration of sports and fashion retailers whereas the south-western atrium features retailers dealing in home fur nishing, food and hobby articles/toys. At the north-eastern atrium, where the cinema and fitness centre are located, there is a cluster of restaurants and cafés. These benefit from the customer flows generated by the cinema, the fitness centre and the traffic passing the entrance facing the large residential area extending east of the Property.

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INSTALLATIONS

Structural Mainly concrete elements. Additional structural support has been added across the railway tracks in terms of steel girders or reinforced concrete. Entrances are of glass and aluminium. Roof Paved flat roof serving mainly as parking deck. Three glass atrium entrances to the Property. Technical installations and control rooms are placed on the roof in light aluminium and steel construction. Parking 678 car parking spaces, 595 on the roof and 83 at ground floor level. 344 bicycle parking rack spaces are also available. Passenger and goods lifts Twelve lifts (seven goods and five passenger lifts), service the Property. Escalators and moving walkways The Property features six escalators and four moving walkways. Façade Glass, aluminium and natural stone façade.

BROEN SHOPPING

Efficient storage and transport of goods In addition to a well-planned direction of customer flow, BROEN Shopping has an efficient goods han dling system in place. Goods are delivered through a large transport bay on the eastern part of the shop ping centre. From here, goods are transported either to the adjoining storage units where tenants can rent space or directly to the shop units. The storage units feature a ceiling height of 5.5 metres, allowing for efficient storage, even in smaller units. Individual shop units are accessible via a series of corridors and goods lifts that run behind the shop fronts. Apart from preventing disruption and incon veniences caused to customers, this system provides retail tenants with easy access to their storage units at all times. In March 2022, BROEN Shopping implemented the first phase of a waste management plan for the ten ants in compliance with new regulations (effective in late 2022) for responsible and environmentally sound waste management, with integration in shop ping centre corridors as well as in the storage yard. The plan for waste management in the corridors is yet to be fully implemented, which will require only a small additional investment.

Windows External windows have panes of insulated glass.

HVAC The Property is supplied by district heating and features ventilation and cooling systems. Fan-coils adjust the temperature in each unit. Fire safety The Property is equipped with sprinklers and an automatic warning system

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GROUND FLOOR

FLOOR PLAN

BROEN SHOPPING

Storage 367 sq m

13 sq m Vacant

Storage 1,252 sq m

0.20.1

246 sq m (net) BROEN Shopping administrative o¡ce

2,071 sq m, incl. 977 sq m mezz. + 102 sq m technical areas PureGym (formerly Fitness World)

798 sq m Vacant

ENTRY

EXNERSGADE

Unit 0.20

Unit 0.21

LEGEND

Customer lifts

Escalators

Defibrillator

Retail

Food & Beverage

Fitness

Storage

Pharmacy 248 sq m

978 sq m H&M

488 sq m Vacant

Unit 0.13

Unit 0.15

Unit 0.14 Unit 0.12

1,185 sq m Kings & Queens

Unit 0.10

642 sq m Gina Tricot

510 sq m, incl. 120 sq m mezz. Vacant

790 sq m, incl. 100 sq m mezzanine Restaurant Flammen

740 sq m, incl. 120 sq m mezz.+ 19 sq m serving area* Café Vivaldi

*0.08 outside store

448 sq m, incl.

100 sq m mezz. Burger King

Unit 0.08

ENTRY JERNBANEGADE

Unit 0.07

Unit 0.06

Unit 0.03

ENTRY KONGENSGADE

Unit 0.01

55 sq m Smoke it

Notes: Area specifications denote GLA including share of common areas according to tenancy schedule provided by the Sellers. Please note that the floor plan is not to scale and subject to change.

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FIRST FLOOR

FLOOR PLAN

BROEN SHOPPING

110 sq m serving area

ENTRY PARKING DECK

*1.01 outside store

1.01* Unit 1.02

1.03 Unit 1.03.1

Unit 1.04

Unit 1.36

+ 3,221 sq m annexed building

521 sq m Deichmann

347 sq m Nordisk Film

Nordisk Film

7 sq m ATM - NOKAS 1.34.1 7 sq m ATM -

137 sq m The Burger

1.35

390 sq m Flying Tiger

125 sq m Sushi

183 sq m

Skechers

148 sq m Vacant

196 sq m

WeCover You

1.34

57 sq m Le Negle

Unit 1.05

33 sq m Vacant 1.37.1

98 sq m Frellsens

371 sq m Skoringen

LEGEND

247 sq m Telia

195 sq m YouSee

Unit 1.05.1

1.37

111 sq m Pilgrim

Unit 1.32

Unit 1.39

315 sq m Panduro Hobby

95 sq m Skoringen

Toilets

Unit 1.56

163 sq m Hunkemöller

Unit 1.06

334 sq m Jack & Jones

Unit 1.55

Disabled toilet

287 sq m Matas

Unit 1.30

Unit 1.40

325 sq m Name it

550 sq m Imerco

1,438 sq m Customer lifts

Unit 1.53

299 sq m Buddy Legetøj

Unit 1.07

862 sq m Nielsens

Escalators

260 sq m SAMS

Unit 1.41

Unit 1.53.1

Cashpoint

287 sq m Vero Moda

3,894 sq m Føtex

Unit 1.52

Changing room

Unit 1.28

345 sq m Vila

H&M/H&M Home

Defibrillator

202 sq m Sport24

Unit 1.51

Retail

Unit 1.09

72 sq m Glitter 235 sq m Helm

Unit 1.26

151 sq m Aunt Betty

1.50.1 1.50

ENTRY PARKING DECK

Groceries

1,063 sq m Sport24

*1.44.1 outside store

98 sq m serving area

Unit 1.43 1.44+44.1*

1.48 Unit 1.49

55 sq m Vacant

Cinema

153 sq m

Change

ENTRY PARKING DECK

1,253 sq m Bahne

Food & Beverage

138 sq m Vibholm

251 sq m Only (Bestseller)

451 sq m Bog & Idé

Unit 1.15

Unit 1.22

Unit 1.12+13

325 sq m DNA Unit 1.14

127 sq m Vacant Unit 1.21

173 sq m Zeiss Unit 1.20

Unit 1.10

192 sq m 1.16

King Bubble Tea

Unit 1.19+18+17

Notes: Area specifications denote GLA including share of common areas according to tenancy schedule provided by the Sellers. Please note that the floor plan is not to scale and subject to change.

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BROEN SHOPPING

BROEN Shopping offers a contemporary and attractive retail experience by combining a wide range of well-known retail brands with leisure activities and F&B. A large Kvickly gro cery store and the PureGym fitness centre constitute well-established anchor tenants that ensure substantial daily footfall. Another customer magnet in BROEN Shopping is the state of-the art Nordisk Film multiplex cinema, drawing in customers from a wide catchment area. TENANT OVERVIEW

BROEN Shopping features a wide range of international and domestic brands, with retail chains combined taking up most floor space. The tenant mix is diverse, with the largest retail cat egories being fashion, groceries, home furnishing and sports wear. In addition, 7% of floor space is occupied by tenants in the F&B (Food & Beverages) category and 15% by tenants in the leisure segment. Combining a strong brand value and a resilient tenant mix, BROEN Shopping appeals to customers across the board, thereby providing an ideal platform for retaining and attracting customers and tenants alike. At the opening of BROEN Shopping in 2017, most ten ants agreed to 3 to 5-year tenant non-terminability periods.

As a result, most leases today only have a short or no unex pired lease term according to this non-terminability provision. Nevertheless, some anchor tenants are still committed to rel atively long non-terminability periods. As of 1 January 2026, these include PureGym (6.7 years), Nordisk Film (4.2 years) and Føtex (3.2 years). With the vast majority of tenants part of retail chains, the ten ants are generally well-consolidated. Most of the chains have nationwide representation, some also international. Most costs pertaining to administrative areas, including tech nical control rooms, shopping centre management office and common lunch dining room, are recoverable from the tenants. Storage units are available for rent.

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FLOOR SPACE BY CATEGORY

BROEN SHOPPING

GLA by category

GROCERIES 11%

FOOD & BEVERAGE 7%

STORAGE 4%

AUXILLARY FUNCTIONS 14%

FITNESS 6%

CINEMA 10%

RETAIL 48%

Screen advertising inside BROEN Shopping is operated by ClearChannel, paying a turnover-based rent. In addition, the access areas are well-suited for stands, market stalls and pop-up shops, representing a potential opportunity to further improve the operations of BROEN Shopping. A licensing agreement with Apcoa is in place for the next 6.7 years as of 1 January 2026, allowing the operator to issue parking fines if the four-hour time limitation is exceeded. As of 1 April 2025, some 88% of retail floor space in the Property is let. On ground floor, a 488 sq m vacant retail unit is located next to Burger King (near the Jernbanegade entrance). This unit is believed to be ideal for a minor grocery store, F&B or

a tenant in the health & beauty category. Another vacant unit (798 sq m) is situated near the Exnersgade entrance next to PureGym. Both units have been vacant since the opening of BROEN Shopping. Finally, a 510 sq m vacant unit is situated near the Kongensgade entrance next to Gina Tricot. This unit is ideal for a fashion shop or similar retail use. On the first floor, there are three retail vacancies (308 sq m in total). One of these units is well-suited for a fashion shop or similar retail use, whereas the other two units are suited for a beauty & health tenant or similar tenant.

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BROEN SHOPPING

Nordisk Film BROEN # screens: 8

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BROEN SHOPPING

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LEARN MORE ›

CLICK ON THE STORE

BROEN SHOPPING

ENTRY

EXNERSGADE

LEGEND

Customer lifts

Escalators

Defibrillator

Retail

Food & Beverage

Fitness

Storage

ENTRY JERNBANEGADE

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LEARN MORE ›

CLICK ON THE STORE

BROEN SHOPPING

ENTRY PARKING DECK

7 sq m ATM - Danske Bank 1.34.1

LEGEND

Toilets

Disabled toilet

Customer lifts

Escalators

Cashpoint

Changing room

Defibrillator

Retail

Groceries

ENTRY PARKING DECK

Cinema

Food & Beverage

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BROEN SHOPPING

BROEN Shopping benefits from a diversified income base and stable returns, with 95% of rental income being either contracted fixed rent or minimum/base rent. FINANCIAL OVERVIEW

Rental income As of 1 January 2026, the budgeted annual rental income of BROEN Shopping totals DKK 52.7 million. This includes budg eted rental income of DKK 3.2 million from currently vacant units. Most commercial leases carry a minimum indexation clause of up to 2.00% p.a. Current turnover-related rent only accounts for slightly more than 5.2% of budgeted rental income. Apart from contracted rental income, an additional rental income of DKK 2.0 million in total relating to technical areas, common toi lets and the shopping centre’s administrative office is collected from the tenants via the common costs accounts. . Operating costs Operating costs are largely recoverable from the tenants. Most tenants contribute on a proportionate basis to both common costs accounts, heating accounts, cooling accounts and venti lation accounts. Costs are distributed according to a weighted distribution key, with retail units generally carrying 100% of

costs, except Føtex (carrying 30%), H&M (35%), PureGym (50%), and currently vacant unit no. 0.20 (50%). Storage units carry 25% of the common costs account and 100% of the heating accounts but do not contribute to the ventilation and cooling accounts. In addition, the tenants contribute to BROEN Shopping’s mar keting and advertising efforts. The terms on which the indi vidual tenants contribute to marketing costs vary but are included in their respective lease agreements. However, ten ants are typically required to make a fixed contribution (not linked to actual costs) subject to annual indexation. For fur ther details please refer to the financial data package provided together with this IM. The 2026 operating cost budgets total DKK 17.2 million, excluding long-term provisions for maintenance and renewal of technical installations, property management fees, auditing

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YEAR 1 OPERATING BUDGET (FULLY LET)

fee, rent collection fees and fees for preparation of accounts. Please note that the total sum of provisions and various fees recoverable from the tenants, namely DKK 2.7 million, has been factored in as other income, but has subsequently been offset against estimated average annual long-term provisions for maintenance and renewal of technical installations and prop erty management. The on-account contribution is DKK 1,352 per sq m for retail units that contribute to all items on the accounts, and pro portionally lower for non-retail areas in accordance with the aforementioned distribution principles. It is assumed that once they are relet, currently vacant units fully contribute with this amount. Tenant incentives Some tenants have been granted minor or moderate rental dis counts, mainly in terms of rent regimes phasing in long-term stabilised rent. Rental discounts amount to DKK 4.4 million in total between 2025 and 2026. As of 1 January 2026, Rental discounts in the among of DKK 4.2 million have lapsed, with outstanding rental discounts estimated at approximately DKK 230,516 in total (in nominal terms). All rental discounts will have lapsed by year-end 2026.

BROEN SHOPPING

DKK total

DKK/sq m (1)

Rental income

52,696,466

1,580

Fixed rent

23,663,131

709

Minimum rent

23,465,477

703

Turnover based rent

2,353,707

71

Vacancy rent

3,214,150

96

Service charges 2

12,632,573

379

In-place service charges

11,561,897

347

Vacancy service charges

1,070,676

32

Other income 3

2,782,917

83

In-place other income

2,441,375

73

Vacancy other income

341,541

10

Operating income

68,111,955

2,042

Common costs budget 4

-9,808,084

-294

Marketing budget 4

-4,974,097

-149

Heating budget 4

-1,634,107

-49

Cooling budget 4

-367,430

-11

Ventilation budget 4

-376,565

-11

For further details please refer to the financial data package provided together with this IM.

External building maintenance 5

-1,844,000

-55

Property management 6

-790,447

-24

Deposits and guarantees Most tenants have provided cash deposits equivalent to six months’ rent. Leases typically allow for a regulation of the deposited amount so as to equal six months’ rent from time to time. As of 1 June 2026, cash deposits amount to DKK 4.9 mil lion in total.

Operating costs

-19,794,731

-593

Net operating income (before discounts)

48,317,225

1,448

Notes: All amounts are quoted in DKK. 1. Per sq m GLA. Secondary GLA weighted by 50%. 2. Tenant contributions to the operating costs paid in addition to the net rent. 3. Tenant provisions for renewal of technical installations, property management fees, auditing fee, rent collection fees and fees for preparation of accounts. 4. Based on the Sellers’ budgets for 2025, subject to 1.5% indexation. 5. Estimated long-term external maintenance costs (building envelope), including maintenance and renewal of technical installations. 6. Property management costs estimated by Colliers at 1.5% of the net rental income.

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BROEN SHOPPING

TRANSACTION STRUCTURE The ultimate joint owners of the Property are CapMan Nordic Real Estate Investment S.à.r.l. and Agat Management A/S (the Sellers). The Sellers own the Property via the Danish private limited company, BROEN Shopping A/S (the PropCo). CapMan Nordic Real Estate Investments S.à.r.l. owns a 65% stake in the PropCo via a HoldCo, CMNRE Broen HoldCo ApS. Agat Management A/S owns a 35% stake in the PropCo. The PropCo is a special purpose vehicle established for the sole purpose of developing, owning and operating the Property. The proposed sale of the Property (the Transaction) is to be structured as a share deal involving the sale of CMNRE Broen HoldCo ApS and a sale of the 35% stake of the PropCo owned by Agat Management A/S to CMNRE Broen HoldCo ApS. CMNRE Broen HoldCo ApS and BROEN Shopping A/S are also referred to as the Target Companies. By structuring the Transaction as a share deal, a buyer of the Target Companies avoids paying the registration fee of 0.6% otherwise levied on the purchase price in ordinary asset deals. In addition, the buyer may take advantage of any latent capital gains tax (LCGT) taken over as part of the Transaction. The tax base value of the Property as of 31 December 2024 is estimated at approximately DKK 625 million.

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Agat Management A/S CVR no. 12141599

CapMan Nordic Real Estate Investment S.à.r.l.

BROEN SHOPPING

35%

100%

CMNRE Broen HoldCo ApS CVR no. 36898313

65%

BROEN Shopping A/S CVR no. 34051356

BROEN Shopping

Sellers

Target Companies

The Property

The transfer of full ownership of BROEN Shopping will be structured as a sale of CMNRE Broen HoldCo ApS and a sale of the 35% stake of the PropCo owned by Agat Manage ment A/S to CMNRE Broen HoldCo ApS. If so desired, Agat Management A/S is pre pared to retain its minority stake and continue the management of the Property.

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