The Galleri K mixed-use building in Copenhagen sold by Patrizia was acquired by Aviva Investors and Public Sector Pension Investment Board (PSP Investments).
As previously reported, Patrizia sold the repositioned 24,500sqm building to an unnamed buyer for an undisclosed sum.
Patrizia invested €200m to buy Galleri K in the centre of the Danish capital as a co-investment with a German scheme In September 2015.
Aviva Investors said today it has acquired the mixed-use retail, leisure and office asset, in a further extension of its partnership with PSP Investments.
The deal, which follows the acquisition of a portfolio of three mixed-use assets in Copenhagen this month, is Aviva Investors’ second acquisition in the city this year.
The latest acquisition also represents an expansion of the partnership between Aviva Investors and PSP Investments, following previous co-investments of £250m in commercial property in Cambridge in 2019, and over £400m in central London in 2015.
George Fraser-Harding, real estate investments, Aviva Investors, said: “We are pleased to again be expanding our successful partnership with PSP Investments and undertaking our first project together in continental Europe.
“Copenhagen is a city of strategic importance for Aviva Investors, and one of four tech cities in Europe that we expect to experience strong performance going forward.”
Stéphane Jalbert, managing director, Europe and Asia Pacific, real estate investments, PSP Investments, said: “As we continue to expand our partnership with Aviva Investors, we are thrilled to be entering Copenhagen - a supply-constrained market that is recognised as a top European tech hub and benefits from a highly educated labour pool.
”This acquisition is in line with our strategy to invest in key innovation markets.”
