Cromwell Property has acquired a €15.7m multi-let light industrial logistics property in Denmark’s capital on behalf of its European real estate investment trust.
The real estate manager’s Cromwell European REIT (CEREIT) has acquired Sognevej in Brøndby, Copenhagen.
Sognevej is a freehold light industrial complex of five buildings on a 41,649sqm site with a total lettable area of 22,842sqm, comprising predominantly warehouse and some office space.
Located in Priorparken, an established business park in Copenhagen, the asset complements CEREIT’s existing portfolio in the region as it’s adjacent to the Priorparken 700 and 800 asset, Cromwell Property said.
Pontus Flemme Gärdsell, the head of Nordics at Cromwell Property, said: “Acquired in an off-market deal significantly below the cost of replacement, Sognevej is a well-located asset set to benefit from Copenhagen’s growing position as a major European logistics hub in a market where vacancy rates at 1.2% are at their lowest level since 2018.
“In addition, we predict the attractiveness of the location will further improve upon completion of the 18km Fehmam belt tunnel in 2029, which is expected to reinforce Denmark’s status as a central hub connecting Germany with Sweden and the broader Nordic region.”
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