AEW Europe has acquired a flagship retail property in central Copenhagen on behalf of its City Retail Fund.
AEW Europe has acquired a flagship retail property in central Copenhagen on behalf of its City Retail Fund.
The 450 m2 unit on Købmagergade is let to Finnish design house Marimekko and located close to a number of high-end fashion retailers and luxury department stores.
Financial details were not disclosed.
The deal is the first Danish acquisition undertaken by the fund, whih launched with a €125 mln first close in November 2015. It follows the purchase of a luxury retail asset on Madrid’s Calle Serrano.
AEW Europe’s City Retail Fund has a total target fund raise of up to €400 mln in equity commitments which, with a maximum loan-to-value ratio of 50%, will provide the fund with a total investment capacity of up to €800 mln. The strategy is to build a portfolio of high quality, income-producing retail assets in prime European city centre locations.
Marc Langenbach, fund manager at AEW Europe said: ´The fund intends to invest further in assets in locations which we believe will strengthen over the long term. Over the coming months, we will continue to expand our core high street retail portfolio in Europe’s leading city centres.’
