Savills Investment Management (Savills IM), the international real estate investment manager, has sold a retail property in downtown Copenhagen to a local investor. The asset was sold on behalf of the European Commercial Fund (ECF), which is backed by various German institutional investors. Following the transaction, the fund, which is diversified across the office, retail and logistics sectors, holds 17 assets in ten countries.
The high street property comprises around 2,500 sqm of lettable area, with the ground and first floors occupied by the fashion retailer Samsøe & Samsøe and second to fourth floors being used by a fitness studio
Norbert Stangelmayer, Director Fund Management at Savills IM, said: “Despite a challenging market environment, we have succeeded in selling this high street property in Copenhagen above its appraised value. With this successful transaction, we have taken another step in the strategic management of the portfolio, which includes plans to increase its allocation to logistics. At the same time, we were able to fully meet the business plan and benefit from a consistent and solid distribution throughout the holding period.”
Linn Gregorsson, Senior Investment Manager at Savills IM, said: “Through a focused and carefully managed off-market process and close cooperation via our advisors, we were able to complete the transaction on attractive terms despite challenging market conditions.”
Gorrissen Federspiel, Cushman Wakefield/RED and KPMG acted as advisers on the transaction.
