RED initiated the business during late 2008, only one month before the Lehman Brother crashes – that led to one of our times deepest economic crises. The ambition at that time was to focus on property development within retail. However, due to the financials situation this part of the business was put on hold as banks and financial institute where reluctant to engage in any activity that was connected to Real Estate especially within retail.
In parallel with this situation the overcapacity of retail premises was rapidly increasing which led RED into refocusing the target into the Letting/brokerage business. During the first year (2009), RED managed to lease out more than 44.000 sqm of retail area of which all where located in external Retail Park areas.
RED has since then managed to lease out above 150.000 sqm of which approximately 20.000 sqm represent part of RED’s own development projects. The letting brokerage business has become a significant and natural part of the company’s key to success and its future business. It’s via the closeness to the tenants that RED has managed to become a significant partner for both Real Estate actors as well as retailers.