PATRIZIA sells urban mixed-use asset in prime location in Copenhagen

PATRIZIA has sold Galleri K, a prime mixed-use retail, leisure and office asset in Copenhagen.

The 24,500 sq m, four storey building, comprising approximately 10,000 sq m of retail and leisure, 9,500 sq m of modern office space and 5,000 sq m of storage and parking, is currently let to a diverse range of national and international brands.

 
Occupiers of the retail and leisure space include H&M, Adidas and Urban Outfitters, in addition to some of Copenhagen’s most popular restaurants including The Market, PS Bar and Grill.
 
Since acquiring the property in 2015, PATRIZIA has actively rotated and re-let the premises to a diverse range of new occupiers in order to optimise the property profile. 
 
Located at the corner of Østergade and Kristen Bernikows Gade, the building is situated on Copenhagen’s high street at the centre of Copenhagen’s retail district. Galleri K benefits from the high foot fall and the new Metro line, Cityringen.
 
Jörg Laue, Head of Transaction Nordics at PATRIZIA, says: “Through active asset management at Galleri K, we have repositioned Galleri K and, in line with our business plan, delivered strong returns for our investors. We continue to see opportunity in Copenhagen due to the city’s strong economic fundamentals and ongoing urbanisation trend.”
 
PATRIZIA was advised by RED, an affiliate of Cushman & Wakefield, Plesner, EY, PwC and NIRAS.