ELF Development has acquired a 7,000 sqm value-add commercial property in Copenhagen with Mercedes-Benz as anchor tenant from Aberdeen Standard Investment.
As of 1 November, the Danish real estate company, ELF Development, has acquired a centrally located office property at a two-digit million sum (EUR). The deal was enabled by Fokus Asset Management who took over the asset management of ELF’s real estate investment portfolio three months ago. The seller is Aberdeen Standard Investments.
”We are very pleased to add this distinctive property to our investment portfolio with the help of our close partner, Fokus Asset Management. The property matches our value-add portfolio strategy and holds an untapped investment potential: the vacancy rate is 38%, a new local plan for the area is underway and in 2024 the Metro opens a new station very close to the property. We are continuously looking for well-located, value-add commercial properties like this for our investment portfolio,” says Andreea Kaiser, CIO at ELF Development.
The property, totaling 7,349 square meters, is located at Sydhavnsgade in one of Copenhagen’s most popular and prestigious domicile areas with many large, international companies. The property’s tenants include Mercedes-Benz and Falck.
”ELF Development has managed to execute very fast and efficiently. Together with Fokus they have completed a thorough due diligence, a strategic evaluation and executed the acquisition in only five days,” says Tonny Nielsen, CEO at Fokus Asset Management and continues:” With this acquisition we manifest our close cooperation with ELF Development. We have a strong mutual understanding and a professional approach, which is key to our strong partnership.
”Aberdeen Standard Investments is the seller of the property, and Jes Rovsing, Head of Transactions, says:
”Sydhavnsgade 16 was the last property in our pan-Nordic property fund and now that the property has been sold, we can close the fund as planned. We appreciate the good and efficient cooperation with ELF Development and Fokus Asset Management in this process.”