CapMan Nordic Real Estate fund has sold eleven properties along Amagerbrogade, a well-known high street in Copenhagen, to a Swedish residential property company Akelius. CapMan acquired the properties in 2013 and 2014. The purchase price was undisclosed.
The properties comprise lettable space of 15,022 m², of which 70% is residential and 30% retail. The properties were the second investment of the CapMan Nordic Real Estate fund.
"We are very pleased to complete another successful exit from our Nordic Fund. We have executed the business plan of upgrading the properties; reducing the retail vacancy, and increasing the Net Operating Income by 140% over a 4-year period," comments Torsten Bjerregaard, Managing Partner at CapMan Real Estate.
The transaction was done in co-operation with Keystone Investment Management and with legal advice from Plesner. RED was the broker on the transaction.
CapMan Nordic Real Estate fund acquires mainly office, retail and residential properties located in established submarkets of major Nordic cities. The fund was established in 2013 with €273m of equity. This exit is the 9th the fund has completed.
