Corem has signed an agreement for the sale of two properties in Copenhagen at an underlying property value of c. €334.6m, which is in line with book value. The buyer is a foreign actor.
The one property, known as the Codan House, is located at Gammel Kongevej 60 and has a lettable area of approximately 30,300m2. The other property is located at Kalvebod Brygge 32 and has a lettable area of approximately 31,000m2. The rental value amounts to c. €14.7m, which constitutes 59% of the Copenhagen portfolio's total rental value. Both properties are fully let.
"It is gratifying to see that in these times there is a good demand for high-quality office properties. This is one of the largest real estate transactions in Denmark during the year", said Peeter Kinnunen, Head of Transactions at Corem.
After deduction for deferred tax, transaction costs and reversal of previously reported deferred tax, the assessment is that no profit effect will occur in the fourth quarter of 2023.
Transfer is planned for 29 November 2023.
This sale constitutes the second of the four letters of intent communicated on 20 October 2023.
Corem’s advisors have been CBRE, Kromann Reumert and Breinholt Consulting.
Image source - Pexels.
