International real estate firm Hines has completed the acquisition of four retail properties in Copenhagen for €62 mln from a fund advised by Meyer Bergman.
Acquired on behalf of the Hines Pan-European Core Fund (HECF), the assets are located in the Danish capital's premier shopping district, on Købmagergade, and are fully let. They comprise 3,200 m2 in total.
'With an increasing population, growing catchment and a highly attractive city centre that has become ever more popular for tourists, consumers and retail brands, Copenhagen offers an strong investment proposition for HECF as the fund has been growing and diversifying its portfolio, and is now invested in 14 major European cities,' commented Peter Epping, fund manager of HECF.
Meyer Bergman European Retail Partners II, the value-add fund established by Meyer Bergman, began assembling the portfolio of high street properties in central Copenhagen in 2012 after identifying the area’s potential.
'Within the five-year hold period we have institutionalised the assets and are now able to crystallise the value that we have created for our investors,' said Markus Meijer, Meyer Bergman's CEO. 'The Meyer Bergman fund previously sold three other properties from this portfolio in 2014, and with this transaction would have fully realised its Copenhagen portfolio and achieved its return targets.'
The transaction marks the first acquisition in Denmark for HECF, and Hines' second deal in Copenhagen, growing the firm’s overall presence in Europe, where it has a total of €13.4 bn AUM across the continent.
'Located in Central Copenhagen and let to high-quality international and domestic brands, this latest purchase further demonstrates our commitment to the Nordic markets,' concluded James Robson, managing director Hines Europe with responsibility for the Nordic markets.
