Munich-based family office firm AM alpha has completed the acquisition of one of the most prominent historical buildings in Copenhagen in its first foray in the Danish property market.
Known as The Square, the landmark building is well-located in the very heart of Copenhagen directly situated on the City Hall Square. The property comprises 16,700 m2 of gross lettable area used as office, retail and residential premises. The building is let to a mix of tenants representing short to medium term income.
Designed by the architects Henrik Hagemann and Knud Arne Petersen and originally built in the period from 1893 to 1900 due to its baroque style exterior expression featuring facades the asset is one of the most iconic historical buildings in Copenhagen. With more than 70% of the total GLA becoming vacant when anchor tenant DLA Piper moves out, presumably later this year, The Square represents a truly rare opportunity to completely reposition one of Copenhagen’s most iconic and well-located properties, according to advisor Colliers.
'The Square represents a unique redevelopment opportunity, and the sales process was characterised by strong competition with solid interest from domestic and foreign investors alike. In the end, The Square was secured by an ambitious and long-term foreign investor, and we look forward to following the property’s transformation in the years ahead,' said Frederik Møllebjerg, director of Colliers Capital Markets.
‘The unique character of the building in this outstanding location as well as the great potential to create long-term value through careful handling of the property was decisive for AM alpha and its investor for the acquisition,’ AM Alpha said in a statement.
AM alpha was advised on the purchase by Nordanö, Bech-Bruun, Ramböll and EY. The vendor was represented by Capital Investment, Colliers International and Lundgrens.
