Avignon Capital completes the sale of the iconic Amagertorv 2 building in Copenhagen, the Danish home of luxury goods retailer Louis Vuitton, for DKK 200,000,000 (€26.8m).
The sale has completed with a private family office for the 8,750 sq ft (812 sq m), four-storey retail property. The super prime retail investment was acquired by Avignon Capital in 2012.
Louis Duffield, Investment Manager of Avignon Capital said: “Avignon Capital was one of the first international property investors to enter the Copenhagen market in 2012, having identified the significant growth opportunities offered by its booming tourism industry and high domestic spending power in a retail market largely under-served by international retailers. Over the last four years, we have built a portfolio of prime retail anchored assets in Copenhagen valued in excess of €100m.”
“The sale of Louis Vuitton to a private family office concludes our business plan for the asset and sets a new benchmark yield for retail in the Copenhagen market.”
Avignon continues to be a frontier investor in European cities as demonstrated with investments into Barcelona and Berlin, having transacted over €150 million in the past 12 months.