Cordea Savills, the international property investment manager, has purchased a flagship retail asset in Copenhagen for c. EUR28 million / DKK215 million from Aberdeen Asset Management on behalf of the European Retail Fund, advised by Capital Invest. The acquisition is the third purchase of assets in Denmark’s capital by Cordea Savills since the beginning of May, bringing total investment to circa EUR160 million in eight prime High Street retail investments.
The asset is located on Østergade, one of Copenhagen’s busiest pedestrianised shopping streets and comprises 1,925 sqm of retail and office accommodation. The retail units are let to Hennes & Mauritz trading under the upmarket COS brand, and The Body Shop. The building occupies a highly prominent corner location and is one of H&M’s best performing stores in Europe.
Ian Jones, Director of Investment at Cordea Savills, commented: “We are delighted to have acquired another high quality asset in the heart of Copenhagen’s pedestrianised shopping area. Demand for space in Copenhagen’s best high streets is strong and is likely to increase in line with limited prime supply and a rapidly increasing population. This acquisition perfectly augments our retail acquisitions over the last eighteen months for the European Retail Fund in Berlin, Paris, Stockholm, Paris, Hanover, Glasgow and Birmingham.”
Peter Broström, Director of Investment at Cordea Savills, commented: “We have been active investors in Copenhagen for several months and believe this is an opportune time for core investors to acquire high quality retail assets in the city.”
In May, Cordea Savills purchased a city centre retail portfolio in Copenhagen from Meyer Bergmann on behalf of its European Commercial Fund. The acquisition was the first in Denmark for the Fund. This was followed in June by the acquisition of two city centre retail/office assets from ATP, the Danish pension fund, on behalf of a separate account client.
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