New York-based investment fund HighBrook has made its debut in the Danish market by acquiring a residential loft building in Copenhagen for DKK 1 bn (€130 mln).
CBRE advised HighBrook on the off-market transaction.
A-Huset (A-House) is an award-winning residential asset in the Islands Brygge area of Central Copenhagen that was redeveloped in 2010 with some 22,500 m2 of floor space.
The property includes 195 residential apartments, 12 retail units, a fitness centre, an onsite grocery store, cafés and restaurants and one of the largest rooftop terraces in the city. The property is currently in the process of undergoing a comprehensive high-end refurbishment programme, according to CBRE.
Michael Sehested, executive director at CBRE Denmark, said: 'A-Huset is one of the largest single residential properties traded in Denmark in the past three years. It is also an incredibly high-profile property with many opportunities for development and optimisation.
'HighBrook's first investment in Denmark is just one of several examples demonstrating the huge interest from both existing and new foreign investors we are experiencing in Denmark.'
A-Huset was acquired on behalf of HighBrook’s third fund, HighBrook Property Fund III. The fund invests in commercial and residential use properties, with a focus on office, residential and logistics and is currently most active in the Netherlands, Germany, Denmark and the UK. The fund has completed a total investment volume of over €1.75 bn since its inception in 2018.
HighBrook acquired the A-House in a joint venture with local operating partner, SF Management, a boutique property investment, management and advisory firm located in Copenhagen and London.
HighBrook was advised by CBRE (commercial), Lundgrens (legal), EY (tax, financial & corporate) and Emcon (technical and environmental) during the due-diligence process.
