Hines has invested DKK700m (€92.5m) on behalf of its pan-European core real estate fund to buy a 12,753sqm office building in Denmark from pension funds PFA, ATP and PensionDanmark.
The Hines Pan-European Core Fund (HECF) has bought the fully-let Portland Towers building in Copenhagen, in a deal Hines said reflects the fund’s investment commitment to achieving sustainability and environmental, social, and corporate governance performance across its portfolio.
The BREEAM-certified Portland Towers consists of two former silos, which were converted for multi-tenant office accommodation in 2014.
Peter Epping, senior managing director and HECF fund manager at Hines, said: “Copenhagen remains an important target market for HECF given its stability and affordability in the European context as well as its generally strong fundamentals and long-term growth prospects.
“Portland Towers is an outstanding asset in an excellent location and with its strong tenant mix and high sustainability performance it fits well into HECF’s approach of strategic investing. Across Europe we continue to see opportunities to acquire high-quality office assets in major cities, alongside our diversification towards residential and logistics.”
James Robson, senior managing director and country head for The Nordics at Hines, said the company sees strong “growth potential in Denmark, and our Copenhagen team has grown to 16 as we actively review opportunities across office, residential, logistics and mixed-use”.
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