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Union Investment Real Estate completes first Danish transaction
Transactions - NOVEMBER 8, 2018

Union Investment Real Estate completes first Danish transaction

by Released

German-based Union Investment Real Estate has made its first Danish real estate investment on Frederiksborggade 5 on Strøget in Copenhagen, Denmark.

Union Investment acquired the long-term let asset for its institutional open-ended fund UniInstitutional European Real Estate.

The transaction is the culmination of a business plan developed by Aberdeen Standard Investments who also led the sales process on behalf of the seller. The plan involved a five-year development process undertaken by Aberdeen Standard Investments which has delivered a high-specification building let to quality tenants with a strong credit rating on long-term leases.

The property totals 2,800 square meters (30,000 square feet). Besides a Vapiano restaurant and a YouSee retail store, the property houses the Danish serviced office operator Ordnung and six newly refurbished residential apartments.

“Frederiksborggade 5 is one of a number of highly successful Copenhagen developments completed by Aberdeen Standard Investments on behalf of our international clients in recent years,” said Jacob Kruse Rasmussen, Aberdeen Standard Investments fund manager. “But this investment stands out because of the challenges that the project presented. We are very satisfied with the resulting core property profile with its appeal to a broad range of international investors and with the financial results created for our client.”

The parties agreed to not disclose the financial details of the transaction.

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