Saxo Properties A/S, in association with London based Meghraj has acquired a Copenhagen landmark, the former Royal Danish Conservatory of Music. They acted jointly on behalf of a group of private investors. The seller of the property is Freja A/S, the governmental property company. The landmark property, in the heart of Copenhagen, consists of two buildings located on the corner of H.C. Andersens Boulevared 36 and Niels Brocks Gade 1 totalling 7632 m². The buildings were built at the turn of the twentieth century.
The two buildings will undergo a comprehensive renovation worth approximately DKK 80 million (10.8 mln. ), restoring the exterior to a classic Copenhagen style, whilst the interiors will be contemporary and inviting, with plenty of natural light.
Jesper Damborg, Chief Executive of Saxo Properties, said: "Meghraj manages a substantial portfolio of properties across the UK and is one of the leading UK real estate investors in Denmark. We can learn a lot from Meghraj and we are proud that they have selected Saxo Properties for this joint venture in Copenhagen."
Rohin Shah, the MD of Meghraj, London, said: "We are delighted we can add this prominent property to our portfolio. This is a perfect location in downtown Copenhagen near the harbour and with great infrastructure which will make it the ideal headquarters for one or more occupiers."
Karen Mosbech, Chief Executive of Freja A/S, said: "Freja Ejendomme is pleased to welcome the new owners to the area and sees the transaction as a great opportunity for both parties. The new owners have acquired a strategic foothold in the centre of Copenhagen, while the city will gain a new commercial building that will offer convenience and great value to its future tenants and users."
The new owners are collaborating with Aarstiderne Arkitekter to develop the project which will commence in the near future. The leasing process has already begun.
Saxo Properties is a wholly owned subsidiary of Saxo Bank, launched in March 2010 to provide closed end funds for both high net worth clients and institutional investors, focusing on residential, office and retail property in Central Copenhagen.