Prime location and prime condition are the key words as Saxo Properties completes the acquisition of Købmagergade 24, a commercial property in the heart of Copenhagen’s high end retail district. Saxo Properties is executing the deal as a partner and intermediary for Cubic Property Fund, a listed company that owns properties for more than £150 million.
With its 1,458 sqm, the property is been taken over with a tenant, the Benetton Group that has just taken the building into possession with a ten year non-terminable lease. The building has been completely renovated by the vendor within the past year.
The Cubic Property Fund has been investing in properties primarily in Great Britain and some selected European countries.
Jesper Damborg, Chief Executive of Saxo Properties, says:
“We are delighted with this transaction and are, naturally, proud that The Cubic Property Fund has chosen us at Saxo Properties as their partner for their very first property acquisition in Denmark.”
Mr. Damborg points out that with its central location in the retail district, this property will remain one of the most attractive retail buildings in town and will maintain its long term rental potential.
“As we are moving ahead with the implementation of our strategy to acquire commercial property and arrange property purchase, this transaction brings a major European industry player to Denmark, and at the same time helps to establish Saxo Properties as an important partner for major international property owners. Clearly, this is one of the areas in which we want to be recognized as leaders and as the go-to partner for this kind of deals.”
Rob Lundie, Director of The Cubic Property Fund, says:
“This is an important step in our strategy of investing significantly into the Copenhagen real estate market and accords with the Funds aim of investing into prime assets in core locations. We are delighted to be making our first Copenhagen investment and are very excited by the prospect of making further investments working in conjunction with our partners at Saxo Properties.”
The vendor was legally represented by Plesner, whereas the purchaser was represented by Rønne & Lundgren.
The official takeover of the building is planned for 1 May,2012.
Jesper Damborg, Chief Executive
Saxo Properties A/S
+45 3977 4124
Om Saxo Properties
Saxo Properties A/S focuses on handpicked Copenhagen residential, office and retail properties with the aim of launching closed-ended funds for both High-Net-Worth clients and institutional investors. Saxo Properties A/S, no. 32784100 in The Central Business Register, CVR, was founded by Saxo Bank A/S, and is fully owned by Saxo Bank A/S, a fully licensed European investment bank specialising in online trading in currencies, commodities, CFDs, Stocks, Futures, Options and other derivatives as well as asset management for professional investors.