Hines, the international real estate firm, has completed the acquisition of four prime retail properties located in Copenhagen’s premier shopping area for €62m (460m DKK) on behalf of the Hines Pan-European Core Fund (HECF). The assets were purchased from a fund advised by Meyer Bergman, a pan-European investment manager specialising in urban mixed-use investments.
The portfolio comprises four fully let prime retail-led mixed-use properties spanning 3,200 m² in the heart of the city’s retail core on Købmagergade, a pedestrian shopping street and home to many of the city’s luxury brands.
Meyer Bergman European Retail Partners II, the value-add fund established by Meyer Bergman, began assembling the portfolio of high street properties in central Copenhagen in 2012 after identifying the area’s potential and attraction to expanding international retailers.
Peter Epping, Fund Manager of HECF, said, “With an increasing population, growing catchment and a highly attractive city centre that has become ever more popular for tourists, consumers and retail brands, Copenhagen offers an strong investment proposition for HECF as the Fund has been growing and diversifying its portfolio, and is now invested in 14 major European cities.”
James Robson, managing director Hines Europe with responsibility for the Nordic markets, added, “Located in Central Copenhagen and let to high-quality international and domestic brands, this latest purchase further demonstrates our commitment to the Nordic markets.”
Lars Huber, CEO of Hines Europe, added, “Over the past year we have been working to further strengthen our position in established European markets whilst also entering new interesting territories for us such as Denmark. Whilst this purchase is the first in the country for HECF it is Hines’ second acquisition in Copenhagen following a retail portfolio acquisition earlier this year for a separate account. And we are planning further expansion in the Nordics this year.”