The international real estate investment manager Savills Investment Management (Savills IM) has sold the fully let mixed-use property “Absalons Gaard” in the centre of Copenhagen to PensionDanmark. The landmarked, striking building is located directly on Town Hall Square and at the beginning of the pedestrian street Strøget. It has around 7,500 square metres of lettable space on four floors, which will be used as office, retail and catering space. Cushman & Wakefield RED, Bruun & Hjejle and KPMG advised Savills IM on the transaction.
In April, Savills IM also sold the retail park “AaBe Fabriek” in Tilburg, the Netherlands, to Braintown Development B.V. The retail property in the south of the Netherlands has a total lettable area of more than 30,000 square metres, spread over 32 rental spaces. The inner-city redevelopment, in which a former factory hall was integrated, combines an industrial ambience with a wide range of products: the tenant mix is geared towards local supply as well as goods and services for daily needs and is supplemented by various providers from the home & lifestyle and gastronomy sectors. The anchor tenants include a food discounter and a full-range food retailer. The space is fully let. Savills IM was advised on the transaction by Cushman & Wakefield, Brikks and Dentons.
Both properties belonged to the portfolio of a European retail fund. The sales were carried out as planned in accordance with the respective business plans after holding periods of more than ten years. The sales prices were not disclosed.
“The two disposals show that strategically well-positioned retail properties continue to be in demand among investors. With Absalons Gaard, we have sold a fully let landmark property in one of the most visible locations in Copenhagen. The retail park in Tilburg has also developed very positively during our holding period. Both properties offered our investors an attractive combination of stable income and sustainable value growth,” says Helmut Jahn, Portfolio Manager Investment at Savills IM.
Kathrin Michalzik, Head of Fund Management Germany at Savills IM, adds: “In addition to successful sales such as these in Denmark and the Netherlands, we continue to be active on the acquisition side. For our European food retail fund, we are specifically looking for high-quality and sustainable local supply properties. In addition, we are investing in the living, logistics and selected core office properties sectors for various funds and mandates. Our focus is on German and European markets with positive economic and demographic development as well as on modern properties with high sustainability standards.”
