Copenhagen Property Market Report 2020

Copenhagen Property Market Report 2020

42

Investors in continued pursuit of returns outside the CBD Although demand in the investment market, like in previous years, centres on low-risk properties, some investors pursue other options in their hunt for higher returns: They are increasingly zooming in on non-CBD locations as they offer higher property returns relative to CBD locations. PensionDanmark has acquired NCC’s Vallensbæk Company House® IV in the Delta Park business park area south of Copenhagen, and German Schroder Real Estate took over a portfolio of 24,450 sq m multi-user offices in Valby from Europa Capital and Keystone Investment Management. In March 2019, German Deka Immobilien invested in Flintholm Company House® II, the future Danish head office of EY, which although situated in a non-CBD district benefits from a highly attractive location offering close proximity to both metro and S-train services. Even secondary yield requirements are believed to come under pressure on the best properties and areas outside the CBD, driven mainly by the strong occupational market in Greater Copenhagen at large. Not afraid to buy vacant offices In their pursuit of returns, several investors are undeterred by their target properties being fully or partly vacant. In the past, they would have demanded a sizeable discount or risk premium to take on the limited liquidity of properties with vacant space. Today’s investor appetite is much stronger because the buoyant occupational market makes it easier to let at attractive prices. Some investors are no longer deterred by vacancies, but rather perceive them as a value-add opportunity as the yield is usually higher than the yield on fully let core properties. This was the case in the biggest Danish property transaction in 2019, when Swedish Niam acquired Copenhagen Towers in Ørestad from Solstra Capital Partners at DKK 2.3bn. Apart from a hotel, the complex included some 44,000 sq m of (partly vacant) office space.

Investorer jagter stadig afkast uden for CBD

Selv om størstedelen af efterspørgslen på investeringsmarkedet, ligesom de foregående år, koncentrerer sig om sikre ejendomme, så går nogle investorer andre veje i jagten på bedre afkast: De søger i stigende grad uden for CBD, da der her kan opnås højere afkast end på ejendomme i CBD. Fx har PensionDanmark købt NCC’s Vallensbæk Company House® IV i Delta Park-erhvervsområdet syd for København, og tyske Schroder Real Estate overtog en portefølje med 24.450 kvadratmeter multibruger-kontorer i Valby fra Europa Capital og Keystone Investment Management. Desuden investerede tyske Deka Immobilien i marts i Flintholm Company House® II, der bliver nyt hovedsæde for EY i Danmark, og som trods placeringen uden for CBD har en yderst attraktiv beliggenhed tæt på både metro og S-tog. Trods de mere sekundære placeringer forventer vi også et pres på afkastkravene for de bedste ejendomme og områder uden for CBD, især drevet af det stærke lejermarked, der eksisterer i hele hovedstaden. Tør købe tomme kontorer Jagten på afkast afspejler sig også i, at flere investorer tør købe ejendomme, som er helt eller delvis tomme. Tidligere forlangte de betydelig rabat eller risikopræmie for begrænset likviditet på ejendomme med tomgang. I dag er investorappetitten markant større, fordi det stærke lejemarked øger muligheden for at leje ud til attraktive priser. Nogle investorer afskrækkes ikke længere af ledige kvadratmeter, men ser snarere tomgang som en value add-mulighed, fordi afkastet normalt er højere end ved fuldt udlejede core-ejendomme. Et eksempel er den største danske ejendomshandel i 2019, da svenske Niam overtog Copenhagen Towers i Ørestad fra Solstra Capital Partners for 2,3 mia. kroner. Komplekset omfatter ud over hotel omtrent 44.000 kontorkvadratmeter, hvoraf en del står tomme.

 SØREN SKOVBJERG , soren.skovbjerg@colliers.com