PATRIZIA sells an urban mixed-use asset in prime location in Copenhagen
Sale follows completion of asset management strategy
- 24,500 sq m landmark property with retail, office and leisure space
- Let to a diverse range of international and national occupiers
Augsburg / Copenhagen, 22 January 2020. PATRIZIA AG, the global partner for pan-European real estate investment, announces the sale of Galleri K, a prime mixed-use retail, leisure and office asset.
The 24,500 sq m, four storey building, comprising approximately 10,000 sq m of retail and leisure, 9,500 sq m of modern office space and 5,000 sq m of storage and parking, is currently let to a diverse range of strong national and international brands.
Occupiers of the retail and leisure space include H&M, Adidas and Urban Outfitters, in addition to some of Copenhagen’s most popular restaurants including The Market, PS Bar and Grill.
Since acquiring the property in 2015, PATRIZIA has driven the performance of the asset by actively rotating and re-letting the premises to a diverse range of new occupiers in order to optimize the property profile. As a result of this pro-active asset management strategy the portfolio is now considered ready for sale.
Located at the corner of Østergade and Kristen Bernikows Gade, the building is situated on Copenhagen’s high street at the centre of Copenhagen’s retail district. Galleri K benefits from the high foot fall and the new Metro line, Cityringen.
Jörg Laue, Head of Transaction Nordics at PATRIZIA, commented:“Through active asset management at Galleri K, we have repositioned Galleri K and, in line with our business plan, delivered strong returns for our investors. We continue to see opportunity in Copenhagen due to the city’s strong economic fundamentals and ongoing urbanisation trend.”
PATRIZIA was advised by RED, an affiliate of Cushman & Wakefield, Plesner, EY, PwC and NIRAS.
PATRIZIA AG has been active as an investment manager in the real estate market across Europe for more than 35 years. PATRIZIA’s activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As a global partner for pan-European real estate investment, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. PATRIZIA manages more than EUR 42 billion of real estate assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit: www.patrizia.ag.
Head of Corporate Communications
Phone: +49 (0) 821 5 09 10-6 55