The Standard Life Investments European Real Estate Club L.P. II (Euro Club II) has acquired two landmark buildings in Denmark’s thriving second city, Aarhus.
The Regina Building is located on the corner of Søndergade and Sønder Allé. It is a mixed-use development, currently comprising 12,200m² (131,320ft²) of retail and office space.
Europaplads 2 (Europa Plaza 2) comprises 9,800m² (105,486ft²) of office and retail space spread across 12 floors. It is located close to the city’s waterfront, at a site that underwent extensive redevelopment in 2015.
Both buildings were acquired from the same private vendor, and are Euro Club II’s first acquisitions in Denmark.
Aarhus is home to the headquarters of a number of major Danish businesses, and enjoys highly favourable infrastructure thanks to its large container port. It is currently developing a modern tram network as part of its ‘Aarhus 2030’ investment programme, designed to make the city a more enjoyable place to live and work. In 2017, it will be designated the European Capital of Culture.
Daniel McHugh, head of continental European real estate, Standard Life Investments, and fund manager for the Euro Club II, commented: “Aarhus is enjoying a significant urban improvement programme and we believe this market offers an attractive opportunity for our investment strategy- targeting core quality real estate with measurable and manageable risk attached.”
CBRE acted for the vendor; Capital Investment acted for Standard Life Investments.
