Hines has acquired the iconic Portland Towers building in the heart of Copenhagen, Denmark. The asset was purchased from three Danish pension funds; PFA, ATP and Pension Denmark on behalf of the Hines Pan-European Core Fund (HECF).
Portland Towers consists of two former silos, which were converted for multi-tenant office accommodation in 2014. Located along Copenhagen’s waterfront in Nordhavn, the property comprises 12,753 square metres of office space and is fully let to a prestigious tenant mix. Tenants include the embassy of the Federal Republic of Germany, corporate finance advisory firm FIH Partners, consultancy firm PA Consulting Group and Dansk Standard, Denmark’s national standardisation organisation.
Portland Towers set new standards for sustainable building design, construction and operation during its BREEAM certification in 2014. HECF’s investment in Portland Towers underlines the fund and Hines’ commitment to achieving high levels of sustainability and ESG performance across its portfolio.
The acquisition follows the fund’s acquisition of 121 apartments at Trikotageparken, north Copenhagen, in April. Since 2019, HECF has sought to increase exposure to office, residential and urban logistics assets in the Nordics and Portland Towers forms part of HECF’s wider strategy of seeking high quality Core assets in European cities with strong long-term growth prospects.
In 2020 the HECF was recognized as one of the top property funds in Europe, achieving the MSCI European Property Investment Award for the best performing pan-European balanced fund between 2017 and 2019. This follows the Fund’s recognition by GRESB as the most sustainable fund in Europe of all diversified portfolios and Global Sector Leader in Real Estate Assessments for a third consecutive year.
Price details for the acquisition were not disclosed.
Source : Hines