CapMan Real Estate has acquired the Scandic Webers Hotel in Copenhagen on behalf of the CapMan Nordic Real Estate IV (CMNRE IV) fund. The acquisition is being made as part of a 50:50 joint venture with the Danish pension fund AP Pension. The seller is Jeudan, Denmark’s largest listed property company. The parties have agreed not to disclose the purchase price. The joint venture recently acquired the Crowne Plaza Copenhagen hotel and is now strengthening its presence in the Copenhagen hotel market.
The Scandic Webers Hotel is a 3- to 4-star hotel with 152 rooms spread over approximately 7,400 square metres. It is situated in the centre of Copenhagen, close to the main railway station, the Tivoli Gardens and the popular nightlife district of Kødbyen – also known as the Meatpacking District – which offers a wide range of dining, art and nightlife options. The Scandic Webers Hotel and the recently acquired Crowne Plaza Copenhagen complement each other through their different locations and customer segments.
Together with the operator Scandic, the joint venture is planning a comprehensive modernisation programme to strengthen the Hotel Scandic Webers’ position in Copenhagen’s city-centre hotel market, enhance the guest experience and boost the property’s long-term competitiveness.
“With the Scandic Webers Hotel, we are expanding our hotel portfolio with a high-quality city centre hotel that complements our recent acquisition of the Crowne Plaza Copenhagen very well. Both properties give us access to different segments of the Copenhagen hotel market. We see good opportunities here to actively develop the properties and increase their value in the long term. We look forward to realising the hotel’s full potential together with the operator, Scandic,” says Mads Diderichsen, Investment Director at CapMan Real Estate.
“The acquisition of the Scandic Webers Hotel is another important step in building a high-quality hotel portfolio in Copenhagen. The prime city-centre location complements our recent investment in the Crowne Plaza Copenhagen very well. This enables us to expand our presence in a market that is experiencing strong tourist demand, whilst also benefiting from business travellers and a limited supply of new-build properties. Together with CapMan and Scandic, we see attractive opportunities there to further develop the property and create long-term added value for our clients,” says Mikkel Lieberkind, Real Estate Investment Director at AP Pension.
“The sale demonstrates that a structured process and a long-term perspective can go hand in hand. We regularly assess whether properties align with our strategic direction and what financial opportunities they present. In this case, we have not only found a good solution for both parties, but are also laying the best possible foundations for the property’s future development,” says Per W. Hallgren, CEO of Jeudan.
The joint venture was advised on the transaction by Poul Schmith, Sweco, PwC, Bruun & Hjejle, Accura, EKJ and Colliers. Cushman & Wakefield | RED brokered the sale on behalf of Jeudan.
The final completion of the transaction is subject to the approval of the European Commission in the merger control proceedings between AP Pension and CapMan.
