European Commercial Fund

Cordea Savills, the international property investment manager, has purchased a city centre retail portfolio in Copenhagen for c. EUR 70 million from Meyer Bergmann, on behalf of its European Commercial Fund. 

The acquisition is the first in Denmark for the Fund. Cordea Savills now manages over EUR 500 million of assets in the Nordic region.

The assets are located on Købmagergade, one of Copenhagen’s busiest pedestrian shopping streets and comprise a total of 8,046 sqm of retail and office accommodation. The assets are let to office tenants and international retailers such as Gina Tricot, Diesel, Geox and Esprit.

Ian Jones, Director of Investment at Cordea Savills, commented: “We are delighted to acquire this prime retail portfolio in an off-market transaction. The supply of prime retail accommodation in Copenhagen is very restricted and with significant population growth forecast in the city we are anticipating strong rental growth. We are looking to strengthen our platform here through further acquisitions.”

Peter Broström, Director of Investment at Cordea Savills, commented: “This acquisition represents a rare opportunity to invest in Denmark’s capital city. It is one of the most prosperous and strongest growing metropolitan regions which is traditionally dominated by local investors. With strong underlying property fundamentals and favourable income distributions from Nordic property, this acquisition broadens our existing Nordic expertise.”

Cordea Savills was advised by Retail Partners Europe, Sadolin & Albaek and Ronne & Lundgren.