Savills sells Copenhagen prime retail asset 'K3'

International real estate advisor Savills has advised Aberdeen Asset Management on the sale of 3 Kobmagergade (‘K3’), in the heart of Copenhagen’s luxury shopping district. The prime retail asset has sold to a private investor.
 
K3 comprises 3,400 sq m of lettable space with current tenants including global retail brands Zara Home and Monki (of H&M group).
 
Luxury tenants located opposite the property include Prada, Saint Laurent, Valentino and Louis Vuitton and the continuous growth of high end retailers to the area will be further cemented by the opening of Hermes next year.
 
Oli Fraser-Looen, Director in Savills Cross Border Retail Investment team, comments: “K3 offered investors a perfect mix of secure income with future value enhancement, and the sale achieved one of the lowest yields ever seen in the country. We are delighted to have attained this positive result for our clients who well-timed an exit into a market where best in class high street assets are becoming increasingly trophy hunted due to the current macro environment in Europe. Copenhagen offers the best luxury retailing in the Nordics region and Kobmagergade has become Denmark’s location of choice for high-end brands.”