International real estate advisor Savills has advised Danish bridal fashion retailer Lilly on the sale of its property, Amagertorv 19, Copenhagen, to RLG Real Estate, a property fund sponsored by Richemont, for €30m.
The property, which is located in Copenhagen’s prime retail district, consists of 2,369 sqm of retail and office space, as well as a courtyard. The building offers significant potential for development, including the conversion of upper floors into residential accommodation.
Oli Fraser Looen, Head of European Cross Border Retail Investment, Savills, comments: “In co-ordination with our team in Denmark, we conducted a targeted marketing campaign that achieved some market leading results. This bears testimony to the continuing international demand for prime high street assets which have asset enhancement opportunities. Exiting to the likes of RLG is a fantastic result for our clients as they will have the necessary vision to take the asset forward.”