London-based asset manager Avignon Capital has completed the sale of the Amagertorv 2 building in Copenhagen, the Danish home of luxury goods retailer Louis Vuitton, for DKK 200 mln (€26.8 mln).
London-based asset manager Avignon Capital has completed the sale of the Amagertorv 2 building in Copenhagen, the Danish home of luxury goods retailer Louis Vuitton, for DKK 200 mln (€26.8 mln).
The 812 m2 four-storey retail asset was bought by a private family office.
'Avignon Capital was one of the first international property investors to enter the Copenhagen market in 2012, having identified the significant growth opportunities offered by its booming tourism industry and high domestic spending power in a retail market largely under-served by international retailers,' said Louis Duffield, investment manager of Avignon Capital. 'Over the last four years, we have built a portfolio of prime retail-anchored assets in Copenhagen valued in excess of €100 mln.'
He added: 'The sale of Louis Vuitton to a private family office concludes our business plan for the asset and sets a new benchmark yield for retail in the Copenhagen market.'
Avignon Capital was advised by Capital Investment. The purchaser was represented by Sadolin & Albæk.
