Meyer Bergman has sold a portfolio of high street properties located in the heart of Copenhagen’s prestigious main shopping district for circa EUR70 million to a fund managed by Cordea Savills.
Meyer Bergman’s second value-add fund, Meyer Bergman European Retail Partners II (MBERP II), assembled the portfolio of buildings on Copenhagen’s Købmagergade as part of the fund’s initial investments.
The street is part of the Danish capital city’s busiest shopping locations, since it is anchored by retailers including Louis Vuitton, Royal Copenhagen, Illums Bolighus, and the Illum Department Store. The properties’ total of 8,040 square metres of office and retail space is occupied by tenants including international brands Diesel, Esprit, Geox and Gina Tricot.
Frederik Kumlin of Meyer Bergman’s acquisitions team says: “This is the second unsolicited approach we received for assets in the fund, validating our strategy of concentrating on dominant, high footfall retail high streets in the centres of Europe’s leading cities that have sustained strong demand from retailers as well as investors. The healthy outlook for the Danish economy and the resilience of prime shopping destinations mean we continue to see interesting opportunities in central Copenhagen.”
MBERP II’s other investments in Europe’s prime retail destinations include properties on the Champs-Elysées in Paris and the “Golden Mile” in Madrid, the latter of which the fund sold in January to the owners of the fashion retailer Mango.