CBRE Global Investors has bought a prime retail asset in Copenhagen for its European value-added strategy.
The real estate investment manager did not disclose the value of the deal, but said the building at Vimmelskaftet 39-41 has over 3,070sqm of rentable space across two retail units, a restaurant and office space. The retail and restaurant units are occupied by Sportmasters, Trend and Constellation Burger.
CBRE Global Investors said the investment was made for the CBRE Europe Value Partners fund series through a joint venture with Portus Retail.
Last year, IPE Real Assets reported that the Teacher Retirement System of Texas was among investors committing to CBRE Europe Value Partners 2.
Charles Baigler, the fund manager for CBRE Global Investors’ Europe Value Partners funds, said: “This acquisition is in line with one of our key fund strategies – to acquire and refurbish retail assets in prime shopping locations in major European cities.
“Due to the favourable supply and demand dynamics in Denmark and Copenhagen in particular, we expect to see strong rental growth.”
In May 2016, CBRE Global Investment Partners, a separate part of CBRE Global Investors, also invested in a Danish retail property asset through a joint venture with Portus.