Luxembourg asset and investment specialist REInvest Asset Management has acquired a portfolio of core offices and retail space in Copenhagen's Carlsberg City district.
Financial details were not disclosed.
The portfolio was purchased on behalf of pan-European fund Dereif Sicav Fis. The principal investor of the Luxembourg-based real estate special fund is a major German insurance company.
The assets include Theodora House, Mineral Water House and Mineral Water Factory, offering almost 10,000 m2 of rental space. These comprise 90% office and 10% retail space.
According to REInvest, tenancy agreements have already been drawn up for almost 50% of the space. Insurance company AIG and the Danish company Domutech have already moved into the historic premises. The global Estée Lauder Group will move its Nordic headquarters to Mineral Water House at the end of May 2021. The properties were completed in autumn 2020.
Martin Nolting, executive director business development at REInvest Asset Management, said: 'Copenhagen is considered an excellent location for business and an ideal place to live and work.
'Demand for modern office space in prime areas is one of the biggest drivers of rental growth in the city, as the place where companies decide to locate has become an increasingly important factor.
'Good public transport connections have a major impact on value creation and are gaining in significance as a factor in tenants' choice of office location. This is exactly what this portfolio offers.'
The Carlsberg City district is located in the heart of Copenhagen. Its development began in 2006 with the Carlsberg Brewery's decision to move its operations from the Danish capital to Jutland and comprises more than 600,000 of space, of which 50% is residential, 35% is commercial space plus 15% public facilities.
The entire area is scheduled to be 85% complete in 2022, with the remainder following by 2024.
Nreim acted as local consultant to the buyer.
