Patrizia Immobilien has invested €200m ($222.8m) in Copenhagen real estate for a German pension fund mandate.

The investment manager said it bought Galleri K in the centre of the Danish capital as a co-investment with a German scheme.

The asset was sold by Unipension and the Bank of Ireland.

The complex of 20 high street shops, part of the Stroget shopping street, is let to fashion retailers and includes offices and apartments.

Retail accounts for 13,100sqm of space, and office 10,000sqm.

Patrizia now has €800m invested in Denmark, according to managing director for the Nordics, Rikke Lykke.

“The property offers a rare and exceptional investment opportunity on Copenhagen’s main shopping street, with a first-class retail and office market,” Lykke said. 

“We obtained the unique chance to acquire the entire block by ensuring an off-market exclusivity on the upper part of the building before the lower part of the building was offered on the market.”

Earlier this year, Patrizia bought 10 Copenhagen office and high street retail properties for around €170m for two institutional investors from Germany.