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Patrizia in €200m Copenhagen multi-use play

The German-based real estate investment company has acquired a building consisting of 20 high-street shops, offices and apartments as part of a co-investment with a German pension fund.

Patrizia Immobilien, the German-based real estate investment company, has acquired Galleri K in the center of Copenhagen, Denmark for the equivalent of €200 million alongside a German pension fund co-investor.

Galleri K comprises several six-story buildings on an approximately 58,125-square-foot plot with a total floor space of around 269,000 square feet. The buildings consists of 20 high-street shops let to fashion retailers, offices and apartments, and is located on the famous Stroget shopping street.

Patrizia acquired the block in two separate transactions from the institutional investor Unipension and the Bank of Ireland.

“The property Galleri K offers a rare and exceptional investment opportunity on Copenhagen’s main shopping street with a first-class retail and office market,” commented Rikke Lykke, managing director of Patrizia – Nordic Region.

At the start of the year Patrizia acquired a commercial property portfolio with ten office and high-street retail properties for around €170 million in Copenhagen for the Patrizia Nordic Cities Fund, which was set up for two institutional investors from Germany.

“In Denmark alone, Patrizia’s real estate assets under management have thus increased to around €800 million,” Lykke added.