PATRIZIA makes residential acquisition in Copenhagen
PATRIZIA AG, a global partner for pan-European real estate investment, has acquired a fully let, 127-unit residential asset in the Valby district of Copenhagen, Denmark, from Europa Capital and Keystone Investment Management A/S.
The circa12,600 sq m, newly built asset comprises a mix of one to four-bedroom apartments and townhouses with an average unit size of 95 sq m, including c 500 sq m of commercial space split across six units.
Situated in the newly development ‘Valby Maskinfabrik’, one of Copenhagen’s popular residential areas, the building is in close proximity to Copenhagen’s Central Business District with easy access to the public transport and road networks.
This acquisition increases PATRIZIA’s total AUM in Denmark to EUR1.5 billion.
Nicolai Sehestedt Dalsgaard, Transaction Manager at PATRIZIA Denmark, says: “Denmark, hereunder Copenhagen, remains an attractive opportunity for institutional investments in the residential real estate sector. This is our second acquisition from Europa Capital and Keystone Investment Management A/S in Valby where we have acquired a high-quality and fully let asset that aligns with our investors buy and hold strategy, while generating an attractive risk adjusted return.”
Alex Druttman, Director at Europa Capital, says: “We have a continued focus on rapidly urbanising countries like Denmark where ongoing population trends offer opportunities to purchase assets for value-add strategies. Here we were able to apply proactive management to enhance the attractiveness of the investment to deliver attractive returns for our investors with this disposal.
“Copenhagen has a dense, historic and relatively protected city centre with limited opportunities to create new housing supply, which leads to increased demand for refurbished residential space and the growth of areas like Valby.”