Savills Investment Management (Savills IM), the international real estate investment manager, has sold the fully let mixed-use retail and office property “Absalons Gaard” in central Copenhagen to PensionDanmark.
The listed landmark building is located directly on City Hall Square, at the entrance to the Strøget pedestrian shopping street, comprising circa 7,500 sq m of lettable retail and office space across four floors.
In April, Savills IM also sold the “AaBe Fabriek” retail park in Tilburg, South Netherlands, to Braintown Development B.V. The urban redevelopment, which comprises more than 30,000 sq m of lettable space across 32 units and incorporates a former factory building, combines a repurposed heritage space with a broad range of retail and leisure offerings. The tenant mix is focused on grocery retail as well as goods and services catering to everyday needs, complemented by a range of home & lifestyle and restaurant operators. Anchor tenants at the fully let property include a food discounter and a full-range supermarket.
Both properties formed part of the portfolio of a European retail fund. The disposals were completed as planned and in line with the respective business plans, following holding periods of more than ten years. The sale prices were not disclosed.
“The two disposals demonstrate that best-in-class retail properties continue to attract investor demand. With Absalons Gaard, we have sold a fully let trophy asset in one of Copenhagen’s most prominent locations to an institutional investor, while the retail park in Tilburg also performed very positively during our holding period. Both properties gave our investors an attractive combination of stable income and sustainable value appreciation over the period of ownership,” said Ian Jones, Head of European Transactions at Savills IM.
Kathrin Michalzik, Head of Fund Management Germany at Savills IM, adds: “Alongside successful disposals such as these in Denmark and the Netherlands, we remain active on the acquisition side. For our European Food Retail Fund, we are specifically targeting high-quality, future-proof food retail properties. In addition, we invest across the living and logistics sectors as well as selected core office assets through various funds and mandates. Our focus is on European markets with positive economic and demographic fundamentals, as well as modern properties with high sustainability standards.”
Cushman & Wakefield | RED, Bruun & Hjejle and KPMG advised Savills IM on the Copenhagen transaction. Savills IM was advised on the Tilburg transaction by Cushman & Wakefield / Brikks and Dentons.
