​CBRE GIP buys first Scandinavian student housing asset

CBRE Global Investment Partners has bought a student housing asset in Copenhagen, its first in Scandinavia.

The indirect arm of CBRE Global Investors said it has bought the Sølvgade complex in the Danish capital for a separate account client.

The asset was sold by Norden.

Alexander van Riel, CBRE GIP’s head of continental Europe, said the deal is in line with the firm’s global strategy to establish programmatic ventures with “best-in-class, sector specialists”.

Triton Development North will partner CBRE GIP as operating partner and property manager for the asset, managing it under its BaseCamp brand.

“We are confident that with the undersupply of student accommodation in Copenhagen and Triton’s expertise in this sector, we have acquired a stable income producing asset with strong rental growth prospects,” van Riel said.

The asset, which includes 463 units, was recently redeveloped and refurbished.

The University of Copenhagen’s housing foundation has taken half the units on an eight-year lease, with the other half to be directly leased to students by the operator.