Patrizia AG, acting on behalf of its Patrizia Nordics Cities Fund, has sold four mixed-use office and residential properties in Copenhagen, Denmark, to Jeudan for €50m (DKK 372m). The buildings comprise a gross lettable area of c. 9,700m², including c.2,650m² of residential space for rent. The properties, Amaliegade 15, Amaliegade 16A, Amaliegade 45/Esplanaden 46 and Gothersgade103, are situated in the heart of Copenhagen’s medieval CBD in the prestigious office district of Frederiksstaden and offer excellent links to public transport infrastructure.
Patrizia acquired the properties, which date back to the 1700s and 1800s, in 2014 as part of a wider portfolio and fund mandate, following which it undertook a comprehensive active asset management programme to substantially increase the occupancy and stabilise the rental income. This also included the conversion of vacant office space to residential use.
Louise Hertz, Country Manager Patrizia Denmark, commented: “This sale is in line with the Fund’s strategy and has been executed within the planned timeframe. The positive outlook for the city is supported by its strong economic performance and the ongoing trend of urbanisation due to forecasted population growth.”