Baar-Zug, 15 August 2011
Partners Group, the global private markets investment manager, has completed an investment in a landmark property, home of the well-known department store "Illum" in central Copenhagen, on behalf of its clients. The acquisition of this property was completed together with MGPA and a Canadian institutional investor.
The property consists of two adjacent buildings for a total of 40,300 sqm of gross lettable area (GLA) and is located in Copenhagen's prime retail district, benefiting from prominent road frontage on four sides. The most visible corner of the site is at the junction of the two most prominent pedestrian retail streets in the city. The majority of the space is leased to historic department store operator Illum on a 15 year basis while it is also intended to create high street retail units, including flagship stores for international retailers.
Claude Angéloz, Partner and Co-Head Private Real Estate, comments, "We are very pleased with our investment into this high profile property. It is consistent with our strategy of focusing on high-quality real estate in excellent locations and strong economies that provides significant upside potential through active asset management. The retail investment we completed in the Copenhagen market last year has ensured we are already very familiar with the local market and its dynamics which has helped us to thoroughly underwrite this new investment and identify its attractive upside potential."