Aviva Investors and PSP Investments Acquire Mixed-use Asset In Copenhagen

London, UK, Thursday, January 23, 2020 – Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), announces that it has acquired Galleri K, a mixed-use retail, leisure and office asset in Copenhagen, in a further extension of its partnership with the Public Sector Pension Investment Board (“PSP Investments”), one of Canada's largest pension investment managers.


Located at the corner of Østergade and Kristen Bernikows Gade, Galleri K is situated on Copenhagen’s high street at the centre of the city’s retail district, whilst the building benefits from its proximity to the new Cityringen metro line. The 24,500 sq m, four storey building comprises approximately 10,000 sq m of retail and leisure space, 9,500 sq m of modern office space and 5,000 sq m of storage and parking and is currently let to a diverse range of strong national and international brands. Occupiers of the retail and leisure space include major clothing labels, in addition to some of Copenhagen’s most popular restaurants.


The deal is Aviva Investors’ second acquisition in Copenhagen this year, with the business having purchased a portfolio of three mixed-use assets in the city earlier in January. This deal also represents a continuation of the partnership between Aviva Investors and PSP Investments, following previous co-investments of £250 million in commercial property in Cambridge in 2019 and over £400 million in central London in 2015.


The asset was sold by Patrizia AG.


George Fraser-Harding, Real Estate Investments, Aviva Investors commented:


“We are pleased to again be expanding our successful partnership with PSP Investments and undertaking our first project together in continental Europe. Copenhagen is a city of strategic importance for Aviva Investors, and one of four tech cities in Europe which we expect to experience strong performance going forward. The city is highly liveable and has attracted a strong labour pool in recent years, which we expect to continue in the long-term, strengthening the performance of its retail sector and the potential to deliver positive returns within our portfolio.”


Stéphane Jalbert, Managing Director, Europe and Asia Pacific, Real Estate Investments, PSP Investments, said: 


“As we continue to expand our partnership with Aviva Investors, we are thrilled to be entering Copenhagen - a supply constrained market that is recognised as a top European tech hub and benefits from a highly educated labour pool. This acquisition is in line with our strategy to invest in key innovation markets.”


Aviva Investors Real Assets and PSP Investments were advised by Capital Investment, Bruun & Hjejle, Linklaters  and Deloitte. Patrizia AG was advised by RED, an affiliate of Cushman & Wakefield, Plesner, EY, PwC and NIRAS.




For more information contact:


Steve Ainger

Aviva Investors Media Relations

+44 (0)20 7809 8452


Rob Davies

Aviva Investors Media Relations

+44 (0)20 7809 6212




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Except where stated as otherwise, the source of all information is Aviva Investors Global Services Limited (“Aviva Investors”) as at XX January 2020. Unless stated otherwise any views, opinions expressed are those of Aviva Investors. They should not be viewed as indicating any guarantee of return from an investment managed by Aviva Investors nor as advice of any nature.  The value of an investment and any income from it may go down as well as up and the investor may not get back the original amount invested. 


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Aviva Investors

Aviva Investors is the global asset management business of Aviva plc. The business delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 14 countries in Asia Pacific, Europe, North America and the United Kingdom with assets under management of £346 billion in assets as at 30 June 2019.



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Aviva Investors Global Services Limited

St Helen's, 1 Undershaft, London, EC3P 3DQ 

Phone     +44 (0)20 7809 6000

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Issued by Aviva Investors Global Services Limited, registered in England No. 1151805. 
Registered Office:  St Helen's, 1 Undershaft, London, EC3P 3DQ.  Authorised and regulated by the Financial Conduct Authority and a member of the Investment Association.

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