The international real estate investment manager Savills Investment Management (Savills IM) has sold a retail property in Copenhagen's city centre to a local investor. The property was part of the portfolio of the European Commercial Fund (ECF), in which various German institutional investors are invested. The fund, which is diversified across the office, retail and logistics sectors, holds 17 properties in ten countries after the sale. The high-street property in Copenhagen comprises around 2,500 sqm of rental space. The tenant on the ground floor and first floor is the fashion retailer Samsøe & Samsøe. The areas on the second to fourth floors are used by a fitness studio.
Norbert Stangelmayer, Director Fund Management at Savills IM, says: "Despite the continued challenging market phase, we have succeeded in selling the high-street property in Copenhagen above market value. With the successful sale, we have taken a further step in the context of strategic portfolio management, in the course of which, among other things, the logistics quota is to be expanded. At the same time, we were able to fully meet the business plan and benefit from a solid distribution over the entire holding period."
Linn Gregorsson, Senior Investment Manager at Savills IM, says: "Through a focused and carefully managed off-market process and close cooperation with our advisors, we were able to close the transaction on attractive terms despite difficult market conditions." Gorrissen Federspiel, Cushman Wakefield/RED and KPMG advised on the transaction.
