CBRE GI has invested an undisclosed amount on behalf of the unnamed fund to buy Marmorvej 19-49 in Copenhagen.
The manager said the asset comprises 128 residential units and four commercial units, adding that this acquisition marks the fund’s first residential deal in Denmark.
Constructed in 2015 and situated in Nordhavn, Marmorvej 19-49 consists of 13,469sqm of residential accommodation, spanning six buildings.
Andreas Norberg, the head of investment operations, Nordics, CBRE Global Investors, said: “Copenhagen is one of the most dynamic and sustainable cities in Northern Europe, and so we are excited to have taken our first steps in this market for one of our direct strategies, thanks to a rare opportunity to acquire a sizeable prime asset in one of Northern Europe’s most sought-after residential neighbourhoods.
“With Copenhagen consistently ranked among the most sustainable and livable cities in the world and urbanization set to drive further residential demand, we expect this asset to deliver consistent and attractive returns for our investors.”
Patrizia said the sale reflects the opportunity taken by the company to take advantage of a strong local market for residential assets, which have shown resilient performance throughout the COVID-19 pandemic.
Louise Hertz, country manager at Patrizia in Denmark, said: “The successful completion of this transaction is a testament to the strength of our relationships on the ground in Denmark, allowing us to crystallise this investment to deliver attractive returns on behalf of our investors.
“During its ownership, Patrizia has continuously and with success focused on reducing the vacancy rate and increasing the rent level on asset. While we continue to see opportunities in the Danish residential market and are targeting further investments, we believe that the current market provided the right conditions to sell this property.”
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