PATRIZIA sells mixed use portfolio in Copenhagen for EUR 50 million
Strategic sale delivers attractive returns for investors and is in line with business plan
- Portfolio comprises GLA of 9,700 sq m
- Follows completion of active asset management strategy
- Occupancy significantly improved since acquisition
Augsburg/Copenhagen, 17 June 2019. PATRIZIA AG, the global partner for pan-European real estate investment, announces the sale of four mixed use office and residential properties in Copenhagen, Denmark, for €50 million (DKK 372 million) on behalf of its PATRIZIA Nordics Cities Fund. The portfolio has been sold to Jeudan, Denmark’s largest listed real estate company.
The buildings comprise a gross lettable area of c. 9,700 sq m, including c.2,650 sq m of residential space for rent. The properties, Amaliegade 15, Amaliegade 16A, Amaliegade 45/Esplanaden 46 and Gothersgade103, are situated in the heart of Copenhagen’s medieval CBD in the prestigious office district of Frederiksstaden and offer excellent links to public transport infrastructure.
PATRIZIA acquired the properties, which date back to the 1700s and 1800s, in 2014 as part of a wider portfolio and fund mandate, following which it undertook a comprehensive active asset management programme to substantially increase the occupancy and stabilise the rental income. This also included the conversion of vacant office space to residential use.
Louise Hertz, Country Manager PATRIZIA Denmark, commented: “This sale is in line with the Fund’s strategy and has been executed within the planned timeframe. The positive outlook for the city is supported by its strong economic performance and the ongoing trend of urbanisation due to forecasted population growth.”
PATRIZIA was advised by Colliers.
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 40 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