German property group KanAm Grund has purchased the King Square portfolio in the heart of the Danish capital of Copenhagen on behalf of the German pension fund for doctors, Ärzteversorgung Westfalen-Lippe.
The deal was closed on Tuesday this week with Aberdeen Standard Investments for an undisclosed amount.
The portfolio provides around 49,000 m2 of lettable space in direct proximity to the central King’s New Square (Kongens Nytorv). It encompasses 15 buildings built between 1796 to 1971, 14 of which are office buildings and one is a parking garage.
The sole tenant is Danske Bank, which currently uses the buildings as its headquarters but will move out in the near future. KanAm Grund said that it plans to redevelop the assets over the next few years into a mix of office, retail, hotel and private living space.
The seller was advised by their local asset manager Capital Investment and CBRE during the transaction. The buyers were advised by Colliers Accura, KPMG, McDermott Will & Emery, Cowi and Howden Group.
Frankfurt-based KanAm Grund Group, with its investment and asset management company REAM GmbH & Co. KG, will take on the asset management. The portfolio re-development will be carried out alongside Thylander Gruppen as development manager.