Location and condition have been crucial in making the decision to acquire the three buildings, which Saxo Properties has bought as the asset manager of Cubic Property Fund, a company that owns properties worth more than £150 million listed on the Channel Islands Stock Exchange.
The Cubic Property Fund has been investing in properties primarily in Great Britain and a few selected European countries. With Saxo Properties as asset manager, the property fund has now made its mark in the heart of Copenhagen’s finest business area close to its main shopping street for a total price of DKK 430 million
All located in Copenhagen’s prestigious Strøget shopping street, the three properties are:
Amagertorv 2 with Louis Vuitton as tenant;
Købmagergade 22 with Synoptik and Matas as tenants;
Østergade 33-35 with Cos and the Body Shop as tenants.
Previously, Saxo Properties has acquired Købmagergade 24 for Cubic Property Fund, which already has a new tenant with the Benetton Group.
Jesper Damborg, Chief Executive of Saxo Properties, says:
“Saxo Properties has brought one of Europe’s largest real estate investments in Denmark. This is both beneficial for Copenhagen, and Saxo Properties. We are proud that Cubic Property Fund was so pleased with the first property they bought through us that they chose Saxo Properties as their asset manager in Denmark. We are currently in the process of implementing our strategy for the acquisition of commercial properties and distribution of property acquisitions. Our cooperation with Cubic Property Fund shows that the positioning of Saxo Properties is running on the right track.”
One of the tenants of Østergade 33-35 is The Body Shop Denmark. The Body Shop International plc is a beauty brand with over 2,500 stores in over 60 countries around the world, selling more than 1,200 different beauty products.
Mark Hermann, CEO of The Body Shop Denmark, said:
“We look forward to a long-term cooperation with Saxo Properties around our flagship store on Østergade 33, Strøget in Copenhagen. We will invest substantial resources in the development of our shop over autumn of 2012 with the implementation of The Body Shop latest concept ‘Pulse’. I am very pleased with the professional approach of Saxo Properties with regards to our wishes and ideas for lease in the future, and I look forward to the planned upgrade of the facade – an asset that I expect will contribute to further customer growth of The Body Shop at Strøget in Copenhagen. ”
Sadolin & Albæk has been real estate broker on the property Amagertorv 2 while Nybolig Erhverv has been a broker on Købmagergade 22.
Saxo Properties is a premier Scandinavian / Nordic real estate investment and asset management firm focused on value add and core investments within the retail, residential and office asset classes. We offer separate account opportunities as well as private equity fund investments to our clients. With a longstanding senior management team we have achieved an exceptional track record and transaction capability using a focused investment strategy with superior financial performance objectives.