AXA Investment Managers - Real Assets has acquired a 396-unit residential portfolio in Copenhagen, Denmark for €174m.

The manager said it has completed the acquisition of the 36,200sqm four-asset portfolio from Bellakvarter.

The portfolio comprises three newly-built operational properties and the forward-purchase of one that remains under development, all within the same city-centre scheme known as Bellakvarter.

AXA IM - Real Assets moved into the Nordic residential market in 2017. This transaction represents the manager’s second acquisition in the sector in Denmark.

Fredrik Söderlund, country head, Nordic region, at AXA IM - Real Assets, said: “This latest investment forms part of a high-quality scheme in a well-connected and desirable location that benefits from increasing occupier demand and attractive underlying market dynamics.

“Furthermore, the portfolio offers strong income return potential and limited future capex, supporting our goal of long-term value creation on behalf of our clients.”