Savills IM divests Copenhagen high street retail asset

Savills Investment Management (Savills IM) has sold a retail property in central Copenhagen to a local investor. 

Copenhagen - Savills

This disposal, made on behalf of its European Commercial Fund (ECF), is part of an active portfolio management strategy that plans to strategically increase logistics investments.
The high street asset, located in downtown Copenhagen, comprises approximately 2,500 m2 of lettable area. The fashion retailer Samsøe & Samsøe occupies the ground and first floors, while a fitness studio utilises the second through fourth floors.
Following this transaction, the ECF, which serves various German institutional investors and is diversified across office, retail, and logistics sectors, now holds 17 assets across ten countries.
Norbert Stangelmayer, director Fund Management at Savills IM, said: “Despite a challenging market environment, we have succeeded in selling this high street property in Copenhagen above its appraised value. With this successful transaction, we have taken another step in the strategic management of the portfolio, which includes plans to increase its allocation to logistics. At the same time, we were able to fully meet the business plan and benefit from a consistent and solid distribution throughout the holding period.”
Linn Gregorsson, senior investment manager at Savills IM, added: “Through a focused and carefully managed off-market process and close cooperation via our advisors, we were able to complete the transaction on attractive terms despite challenging market conditions.”
Gorrissen Federspiel, Cushman Wakefield/RED and KPMG advised on the transaction.