Transactions - JANUARY 18, 2017

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Hines enters Denmark

by Andrea Waitrovich

Hines and German investment company Universal-Investment have acquired five prime high street retail assets with associated office and residential accommodation located in central Copenhagen from Avignon Capital for €119 million ($127 million). The transaction, on behalf of a €1.3 billion ($1.4 billion) Bayerische Versorgungskammer separate account, marks Hines’ entry into Denmark and represents the first Danish acquisition for the BVK mandate.

The Copenhagen portfolio comprises five prime retail assets combining 126,000 square feet in the heart of the city’s retail core. Three buildings in the portfolio are located on Købmagergade, a pedestrian shopping street.  The remaining two assets are located in the historic retail precinct, the Strøget.

The five assets are more than 80 percent occupied, with a mix of international and domestic retail tenants, including Superdry, Benetton, Matas, Synoptik and Sand, while the offi

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