Following on from the sale of Aberdeen Standard’s retail assets at Købmagergade 45 - 47 in January 2018 and Købmagergade 3 in November 2016, international real estate advisor Savills has successfully advised Aberdeen Standard on the disposal of a third retail anchored scheme in Copenhagen, Frederiksborggade 5, to Union Investment Real Estate GmbH for a gross price of €39.5m (DKK 295m).
Completing the trio of centrally located, retail-led schemes that Aberdeen Standard has redeveloped over recent years, Frederiksborggade 5 occupies a strategically critical position linking the nearby busy Nørreport interchange with one of Copenhagen’s most prominent shopping streets, Købmagergade. Extending to over 2,800m² (30,139ft²), the recently overhauled asset is anchored by a flagship Vapiano restaurant on the lower floors, alongside established Danish telephone and broadband provider YouSee, with high-quality office space and six residential units located on the upper floors.
James Burke of the Cross Border Retail Investment team, Savills, comments: “The levels of interest we received for this property is a testament to the continued appetite for sustainable high street product in Copenhagen.
“With the inclusion of a popular Food & Beverage operator, Vapiano, as an anchor tenant, Aberdeen Standard wisely repositioned Frederiksborggade 5 to ensure that it closely reflects the needs of the passing demographic whilst also protecting the asset’s long-term viability from the volatility currently experienced in other traditional retail classes, like fashion and homeware. Savills successfully converted this buoyant investment demand into record pricing, completing a third favourable exit for our client in the Copenhagen market.”
Oli Fraser Looen Head of Retail Investment EMEA, Savills, comments: “We are delighted to have concluded the series of sales for our clients all with record-breaking results.”