Berlin-based Catella Residential Investment Management (CRIM) has acquired a 225-apartment student residence in Copenhagen for about €60m on behalf of a German pension fund.
The asset, Støberiet, was sold by Teglholm Park and takes the pension fund’s European mandate to almost €1bn.
The five-storey property is located at Støberigade 8-10 in the harbourfront area of Sydhavn on Copenhagen’s Teglholmen peninsula.
It comprises 225 one and two-bedroom apartments, a small communal courtyard, laundry and storage facilities, and a retail unit let to a supermarket.
Benjamin Rüther, head of fund management at CRIM, said: “The property, a former industrial building dating from the 1920s, ticks many of our investment criteria boxes. It was redeveloped in 2015 and has been designed and constructed to high energy standards with a Danish A2010 energy label.
“On the one hand, redevelopments like this one meet our high environmental-sustainability standards, on the other they fit perfectly into our anti-fragility strategy.
“Furthermore, Teglholmen is rapidly developing into one of Copenhagen’s prime residential locations and holds plenty of upside potential as urban regeneration of this area continues.”
Henrik Køhn, director and partner of investment and asset management at Thylander, which advised Catella on the acquisition, said: “We are very pleased to have completed yet another transaction with CRIM and to further strengthen our 10-year partnership.
“We see great potential in the Sydhavn location in Copenhagen, especially in light of the new metro stations which will make the area even more accessible and attractive for students, families and businesses.”