AXA Investment Managers - Real Assets completes acquisition of Copenhagen mixed-use building for €43 million
AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), a global leader in real assets investment and the leading(1) real estate portfolio and asset manager in Europe, announces that it has completed the acquisition, on behalf of a German institutional client, of Frederiksberggade 1, an office and retail building in central Copenhagen, Denmark, for €43 million.
The newly refurbished 3,185 sqm property comprises of office space spread over five floors, let to a public sector tenant on a long-year lease. A global clothing retailer occupies the ground floor retail space. Originally built in 1910, the building has recently been comprehensively refurbished.
Frederiksberggade 1 is clearly visible from the surrounding area, benefitting from its central Copenhagen location on the corner of Nytorv Square and the pedestrian-only Stroget, one of Europe’s longest shopping streets. The area’s appeal as a high-end retail market is expected to further increase with the opening of a new metro station at nearby Radhusplasen in 2019.
AXA IM - Real Assets aims to capitalise on the robust economic fundamentals of the Nordic region, which have proved resilient in recent years, by growing its asset under management and deploying further capital into the region to create value for its clients.
Fredrik Söderlund, Head of Asset Management & Transactions in the Nordic Region, at AXA IM - Real Assets, commented: “With a positive economic outlook, driven in part by increased tourist spending and low retail vacancy rates, Copenhagen presents a compelling investment opportunity. AXA IM - Real Assets is committed to growing its presence in both Denmark and the wider Nordic region, successfully leveraging its pan-European origination expertise to offer investors both geographical and building use diversification. The building quality of Frederiksberggade, coupled with its prime location, means it is an ideal addition to AXA IM - Real Assets’ Nordics portfolio.”
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1) Source: IP Real Estate Top 100 Investment Management Survey – Nov/Dec 2016
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