Patrizia Immobilien has invested approximately €300m ($337.3m) in Danish real estate for German investors.

The German investment manager said it bought a portfolio of commercial and residential properties in Copenhagen through its Nordic subsidiary.

The commercial portfolio was purchased for two German investors in the firm’s Nordic Cities fund.

Ten properties were bought from a private seller for around €170m, including office and retail assets in the centre of the Danish capital.

Six of the assets are in the city’s Stroget area.

The firm said 10% of the 22,000sqm portfolio consisted of apartments.

Patrizia has also invested €100m in Denmark’s residential sector for a third German institutional investor.

The deals take Patrizia’s Danish portfolio to around €600m, according to Rikke Lykke, managing director of the firm’s Nordic branch.

“Our investors have a long-term outlook and pursue a buy-and-hold strategy,” she said.

The firm will, she added, look to improve cash flow by converting smaller offices into apartments, where there is “high demand”.

The share of residential space in the fund manager’s portfolio will increase to 20%.

“Whereas for the new apartments we are focusing on long-term portfolio maintenance and rental, when it comes to the existing apartments, we are pursuing a gradual divestment strategy by way of resale of the individual apartments,” Lykke said.