Hines has acquired the iconic Portland Towers building in the heart of Copenhagen, Denmark. The asset was purchased from three Danish pension funds; PFA, ATP and Pension Denmark on behalf of the Hines Pan-European Core Fund (HECF). The purchase price was not disclosed.
Portland Towers consists of two former silos, which were converted for multi-tenant office accommodation in 2014. Located along Copenhagen’s waterfront in Nordhavn, the property comprises 12,753m² of office space and is fully let to a prestigious tenant mix. Tenants include the embassy of the Federal Republic of Germany, corporate finance advisory firm FIH Partners, consultancy firm PA Consulting Group and Dansk Standard, Denmark’s national standardisation organisation. Portland Towers set new standards for sustainable building design, construction and operation during its BREEAM certification in 2014.
Peter Epping, Senior Managing Director and HECF Fund Manager at Hines, said: “Copenhagen remains an important target market for HECF given its stability and affordability in the European context as well as its generally strong fundamentals and long-term growth prospects. Portland Towers is an outstanding asset in an excellent location and with its strong tenant mix and high sustainability performance it fits well into HECF’s approach of strategic investing. Across Europe we continue to see opportunities to acquire high-quality office assets in major cities, alongside our diversification towards residential and logistics.”
James Robson, Senior Managing Director and country head for The Nordics at Hines, said: “This truly unique building is well-positioned within the vibrant new district of Nordhavn, and offers an unparalleled view of the waterfront and Copenhagen skyline. The area is set to see further development and the newly opened M4 metro line further enhances Nordhavn’s already excellent transport links. We see strong growth potential in Denmark, and our Copenhagen team has grown to 16 as we actively review opportunities across the office, residential, logistics and mixed-use.”