PATRIZIA SE 09/03/2015 | Company
PATRIZIA Immobilien AG has acquired the business block "Galleri K" in the centre of Copenhagen for the equivalent of EUR 200 million. The entire building consists of 20 high street shops let to international fashion retailers, offices and apartments, and is located on an exclusive part of the famous "Stroget" shopping street. The purchase was made via the Danish national subsidiary as a co-investment with a German pension fund. PATRIZIA acquired the block in two separate transactions from the institutional investor Unipension and the Bank of Ireland. "In Denmark alone, PATRIZIA's real estate assets under management have thus increased to around EUR 800 million," reports Rikke Lykke, Managing Director of PATRIZIA Nordic Region - Denmark, Finland, Norway, Sweden.
The six-storey business block "Galleri K" comprises several buildings built between 1752 and 1900 and extensively renovated and modernised in 2005/2006. They are located on an approximately 5,400 square metre plot between the famous shopping streets Pilestraede, Ostergade, Antonigade and Kristen Bernikows Gade and have total floor space of around 25,000 square metres. The retail spaces amount to a total of more than 13,100 square metres and additionally approximately 10,000 square metres of office space. In addition to numerous shops of top international brands as H&M, Topshop, Urban Outfitters and Nespresso the two largest department stores in Copenhagen are also in the immediate vicinity.
"The property Galleri K offers a rare and exceptional investment opportunity on Copenhagen's main shopping street with a first-class retail and office market," explains Lykke. "Due to its pan-European positioning, PATRIZIA is able to identify such investment opportunities at an early stage and to use them for its 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. This emphasises PATRIZIA's strength in the real estate business and sets us apart from other market players." The acquisition also makes PATRIZIA one of the biggest lessors of retail stores in central Copenhagen. As recently as the turn of the year, PATRIZIA acquired a commercial property portfolio with ten office and high street retail properties for around EUR 170 million in Copenhagen. Six of the high street properties are located on "Stroget" - the pedestrian area. The portfolio was purchased for the "PATRIZIA Nordic Cities" fund for two institutional investors from Germany.
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