M7 Real Estate and HIG Capital are jointly investing in a Danish high street property portfolio.
The joint venture has acquired a portfolio of 76 assets across Denmark from Danske Bank.
M7 will act as asset manager for the portfolio, which has around 10,000sqm of empty space.
The portfolio includes retail, office and residential assets on prominent high streets in the Greater Copenhagen area and key Danish regional towns and cities.
Richard Croft, chief executive at M7, said the deal allowed the joint venture to buy a “large number of high-quality, well-located assets, which are either let to strong tenant covenants or offer significant upside through asset management”.
M7 first entered a JV with HIG in the Netherlands in late 2013.
Danske Bank occupies 58 of the properties through its Danske Bank brand and subsidiary Home estate agency brand.
The bank is moving to a property-leasing rather than real estate ownership model and has agreed new leases as part of the deal.
Robert Nellemann, head of strategic property asset management at Danske Bank, said: “This deal has helped the bank to achieve a key objective of bringing down the bank’s real estate exposure by moving to a property-leasing model.”