US-based private developer-investor Hines has acquired the iconic Portland Towers building in the heart of Copenhagen, Denmark, for an undisclosed amount.
The asset was purchased from three Danish pension funds: PFA, ATP and Pension Denmark on behalf of the Hines Pan-European Core Fund (HECF).
Portland Towers consists of two former silos, which were converted for multi-tenant office accommodation in 2014. Located along Copenhagen’s waterfront in Nordhavn, the property comprises 12,753 m2 of office space and is fully let. Tenants include the embassy of the Federal Republic of Germany, corporate finance advisory firm FIH Partners, consultancy firm PA Consulting Group and Dansk Standard, Denmark’s national standardisation organisation.
Portland Towers gained BREEAM certification in 2014. ‘HECF’s investment in Portland Towers underlines the fund and Hines’ commitment to achieving high levels of sustainability and ESG performance across its portfolio,’ the company said in a statement.
The acquisition follows the fund’s acquisition of 121 apartments at Trikotageparken, north Copenhagen, in April. Since 2019, HECF has sought to increase exposure to office, residential and urban logistics assets in the Nordics and Portland Towers forms part of HECF’s wider strategy of seeking high quality Core assets in European cities with strong long-term growth prospects.
James Robson, senior managing director and country head for The Nordics at Hines, said: ‘We see strong growth potential in Denmark, and our Copenhagen team has grown to 16 as we actively review opportunities across office, residential, logistics and mixed-use.’
Hines was advised by Plesner Advokatpartnerselskab, EY and Rambøll. CBRE provided commercial advice. The vendors were advised by Colliers International.
