Aberdeen fund acquires two office buildings in Copenhagen

Aberdeen Property Fund Denmark has acquired two office buildings in Copenhagen for a total of DKK 263mln (EUR 35mln) from a company owned by the Centerplan group.

One asset has a total area of 6,000 m² and is fully let to insurance broker Willis. The second property was originally built as an industrial workshop but has recently undergone a total renovation and it is now a modern office building let mainly to pharmaceuticals company Capio Diagnostik. The building has a total area of 4,000 m². as well as underground parking facilities managed by ParkCity. It is located at Osterbro in Nygårdsvej, where Aberdeen already owns a number of office buildings.

Osterbro is becoming increasingly attractive due to its easy accessibility for people coming into Copenhagen from the north, Aberdeen said, and this is reflected in the significantly rising rent levels. The transactions also include the purchase of a building right to develop a commercial property on the second lot.

'The property at Nygårdsvej gives us a unique opportunity to realise synergies with our existing portfolio and further strengthen and develop the area. Whilst the property market continues to be challenging, these acquisitions show there are still good opportunities for investors,' said Tonny Nielsen, CEO at Aberdeen Property Investors Denmark.

Aberdeen's Property Fund Denmark invests in commercial property within the office segment in the Copenhagen area. The portfolio consists of 39 properties with a total book value of DKK 4.8bn. The fund has 40 shareholders and is managed and administered by Aberdeen Property Investors Denmark.