Aviva Investors has acquired Galleri K, mixed-use retail, leisure and office asset in Copenhagen, in a further extension of its partnership with the Public Sector Pension Investment Board (PSP Investments), one of Canada's largest pension investment managers. The asset was sold by Patrizia AG. The purchase price was not disclosed.
Located at the corner of Ostergade and Kristen Bernikows Gade, Galleri K is situated on Copenhagen’s high street at the centre of the city’s retail district and benefits from proximity to the new Cityringen metro line. The 24,500m², the four-storey building comprises approximately 10,000m² of retail and leisure space, 9,500m² of modern office space and 5,000m² of storage and parking. It is currently let to a diverse range of strong national and international brands. Occupiers of the retail and leisure space include major clothing labels and some of Copenhagen’s most popular restaurants.
George Fraser-Harding, Real Estate Investments, Aviva Investors commented: “We are pleased to again be expanding our successful partnership with PSP Investments and undertaking our first project together in continental Europe. Copenhagen is a city of strategic importance for Aviva Investors and one of four tech cities in Europe that we expect to experience strong performance going forward. The city is highly liveable and has attracted a strong labour pool in recent years. We expect this to continue in the long-term, strengthening the performance of its retail sector and the potential to deliver positive returns within our portfolio.”
Stephane Jalbert, Managing Director, Europe and Asia Pacific, Real Estate Investments, PSP Investments, said: “As we continue to expand our partnership with Aviva Investors, we are thrilled to be entering Copenhagen - a supply-constrained market that is recognised as a top European tech hub and benefits from a highly educated labour pool. This acquisition is in line with our strategy to invest in key innovation markets.”