Swedish listed property company Catena has sold its Kornmarksvej 1 property in Brøndby, Denmark, to private equity companies KKR and Palm Capital.
The agreed price of DKK 400 mln (€53.6 mln) is in line with its book value.
The Kornmarksvej 1 property sits on a 98,500 m2 plot. Built in 1972, it features a combined logistics and office facility offering 47,121 m2 of leasable space.
Grocery chain Nemlig currently leases part of the facility long-term, while an additional 8,000 m2, primarily office space, remains vacant. The asset offers potential for further development, including additional warehouse facilities and various asset management initiatives such as energy and asset improvements.
Catena's regional manager for Denmark, Mikael Tröjbom Johansen, commented: ‘Catena's aim is to continue to grow in both Sweden and Denmark, while steadily increasing the proportion of modern properties with a distinct logistics profile in our portfolio. The sale of this property is entirely in line with our long-term strategy.’
Alexander Thams, director and head of Nordics Real Estate for KKR, said: ‘Copenhagen is a highly competitive market, and it’s rare to find such quality assets in urban locations. The transaction is our second this year in Denmark and follows our recent investments in Finland and Sweden. Industrial and logistic assets remain central to KKR’s overall real estate strategy, particularly given the shortage of supply that has emerged due to the increasing number of industrial to residential conversions.’
Reda Khatim, managing partner of Palm Capital, added: ‘We are delighted to build upon our successful track record in Copenhagen including through our previous ownership of last mile assets at Copenhagen’s airport. Additionally, this investment in Denmark demonstrates the increased breadth of our high conviction and thematic-based investment strategies alongside major institutional partners such as KKR.’
This prime location in Greater Copenhagen boasts excellent infrastructure and sits directly on the city's soon-to-be-completed light rail line.
Catena took over the asset following the acquisition of Swedish pure-play logistic property company Tribona in 2015 which brought as dowry 36 logistic properties in Sweden and one in Denmark.
