German family-owned THI Investments has acquired an office project in Copenhagen's Carlsberg district fron CapMan Real Estate.
Financial details were not disclosed but the deal is understood to be close to half a billion DKK (€68 mln).
The property is a historical listed red building from 1883 and is also referred to as ‘Rød Lagerbygning’, or red warehouse.
It is being developed by CapMan and Revco and comprises 9,870 m2 in total.
The building is currently undergoing a transformation from its original use as a warehouse and workshop through the 20th century to a modern office building while maintaining the industrial expression.
Peter Gill, partner and head of CapMan Real Estate Denmark, said: ‘We are very satisfied with the sale of this highly attractive property on the Danish real estate market.
'The refurbishment is progressing well, and the building is characterised by the original rustic industrial expression combined with a modern look and functionalities in a unique combination, that captures the atmosphere of the entire area.
'We had a great deal of tenant interest in the building and recently signed a long-term lease with Boston Consulting Group.’
THI Investments director Florian Geistmann said: ‘It all comes together with the work-live-play of the location, the quality of the asset and the tenant occupying the entire property from 2023. We look forward to the continued collaboration with CapMan and Revco.’
This transaction is a forward purchase, and the construction will continue with takeover in the summer of 2023.
‘We are extremely pleased to see this transaction fall into place. This property has attracted broad attention from international and national investors in the office market, having a fantastic location in Copenhagen and being a unique and interesting product’, said Christian Bro Jansen, head of capital markets Denmark, CBRE, the seller’s commercial advisor on the transaction.
The Seller was advised by CBRE, Accura and EY, while the buyer was advised by NREIM, Plesner, Deloitte and Sweco.
The transaction is the sixth exit of the CapMan Nordic Real Estate II fund. CapMan Real Estate currently manages over €4 bn in real estate assets.
