German investor Patrizia Immobilien has acquired a block of 20 high-street retail units on the Stroget shopping street in Copenhagen for €200 mln.

German investor Patrizia Immobilien has acquired a block of 20 high-street retail units on the Stroget shopping street in Copenhagen for €200 mln.

The purchase of the Galleri K property was carried out as a co-investment with a German pension fund in two separate acquisitions from institutional investor Unipension and the Bank of Ireland.

Stroget is one of the longest shopping streets in Europe. Patrizia said the property it acquired is located on an 'exclusive part' of the street.

Galleri K is a six-storey block made up of several buildings built between 1752 and 1900 and extensively renovated in 2005-2006.

The buildings, with 25,000 m2 of floor space, are located on a 5,400 m2 plot between the shopping streets Pilestraede, Ostergade, Antonigade and Kristen Bernikows Gade. The retail spaces total more than 13,100 m2, with an additional 10,000 m2 of office space. The space is let to international fashion retailers, offices and apartments.

In addition to stores housing brands such as H&M, Topshop, Urban Outfitters and Nespresso, the two largest department stores in Copenhagen are also in the immediate vicinity.

'Galleri K offers a rare and exceptional investment opportunity on Copenhagen’s main shopping street with a first-class retail and office market,' said Rikke Lykke, managing director of Patrizia's Nordic region.

'Due to its pan-European positioning, Patrizia is able to identify such investment opportunities at an early stage and to use them for our customers. We obtained the unique chance to acquire the entire block by ensuring an off-market exclusivity on the upper part of the building before the lower part of the building was offered on the market,' Lykke added.

Following the acquisition Patrizia is now one of the largest landlords of retail stores in central Copenhagen. At the beginning of 2015 Patrizia acquired a commercial property portfolio with 10 office and high-street retail properties in the Danish capital for about €170 mln. Six of those high-street properties are located on Stroget. That portfolio was purchased on behalf of the Patrizia Nordic Cities fund which is backed by two German institutional investors.

Patrizia has about €800 mln of real estate assets under management in Denmark.