The property has a total of 7,194 sqm leasable area and was constructed as an industrial building in 1959. The property has an attractive location in Valby, next to the 160,000 sqm development area of Grønttorvet. By 2021 the area will include approx. 2,000 residential units and 30,000 sqm office and retail space. A new metro station will be opened in the area in 2024, only a few minutes’ walk from the property.
“The property has significant refurbishment potential and an excellent location at the entrance of Grønttorvet. Our strategy is to redevelop the property into modern retail while respecting the old architecture of the building. We intend to make similar investments in retail and office properties with development potential”, comments Peter Gill, Investment Director at CapMan Real Estate.
The property is the fifteenth acquisition of the €425 million Nordic Real Estate II fund raised in 2017. The focus of the fund is to invest mainly in office, retail and residential properties located in established submarkets of major Nordic cities.
HLM Management has been assisting CapMan Real Estate on this deal and will also be working as an asset manager on the deal going forward.