Colliers Denmark Market Report 2025

10

COLLIERS MARKET REPORT 2025

TOP 5 transactions | All segments

PROPERTY

LOCATION

SELLER

BUYER (COUNTRY)

TYPE

SQ M PRICE 1

ENERGY LABEL

Mossvej 27-29

Horsens

DSV

Catena (SE)

I&L

315,000

3,300

A2015

Goldman Sachs / Gefion Group

VIGA RE (DK/CH) / Pictet Asset Mgmt (CH) Velkomn / Matter Real Estate (GB)

Rødovre Port

Resi

37,000

na

A2015

Rødovre

Resi

57,000

1,299

A2015

Velkomn portfolio 2

Zealand / Jutland Birch Ejendomme

Pears Global Real Estate (GB)

Copenhagen / Zealand

Resi

50,000

~1,250 3

Pears portfolio 2

KNURS Foundation

Multiple

A-Huset

B

Copenhagen S

Highbrook Investors

NREP (DK)

Resi

24,000

+1,050 3

Note: 1 Prices quoted in DKKm (rounded figure). 2 Portfolio sale. 3 Estimated. Source: Colliers

Slump in capital allocated to the core segment

Having reached a historical high in 2021, allocated cap ital to the core segment of the European property mar ket has since experienced a dramatic decline. In 2023, the allocation reached its lowest level since 2012, only mar ginally improving in 2024. The drastic decline began dur ing a period of economic uncertainty when high inflation and rising interest rates dominated the macro economy. During this period, bonds became more attractive and as their risk profile is in many ways comparable to the core segment of the property market, a significant portion of core capital was reallocated to the bond market instead. At the same time, rising interest rates drove up financing costs, rendering it more difficult to find properties that fit the segment’s risk profile and can deliver the neces sary returns. Looking at the post-2010 period, there is a clear nega tive correlation between interest rates and the amount of core capital allocated to the property sector. In the years following the financial crisis, when interest rates peaked in 2011, an extremely modest amount of capital was allo cated to the core segment. As interest rates began to decrease after 2011, the core segment became attrac tive again as the bond market became less competitive