CBRE Investment Management (IM) has acquired a portfolio of two multi-family properties in Denmark on behalf of a fund.

The global real assets investment management firm has invested an unspecified amount to buy the 16,974sqm residential portfolio of 222 affordable rental units in Ballerup, Greater Copenhagen, Denmark.

The buildings, completed in 2023 for middle-income households, are fully let.

Hilke Nijmeijer, senior portfolio manager at CBRE IM, said: “Rising interest rates combined with higher property taxes have meant that, for the first time in over a decade, renting in Copenhagen is more cost effective than owning a property. Whilst the share of rental stock in Ballerup is generally higher than in the rest of the city, supply of modern rental stock is very low and the population growth is above average. The estimated new supply for the coming years is unlikely to meet demand.

“With this acquisition, we can meet local demand for affordable, newly built rental properties with strong environmental credentials, contributing to inclusive cities in line with the strategy for this fund and CBRE IM’s long-standing commitment to sustainability.”

Jenny Tuleby, the head of transactions and investment operations at CBRE IM in the Nordics, said: “This deal further underscores our commitment to grow our footprint within the affordable housing space in the Nordics. The current market conditions present compelling opportunities and we will continue to be active within this space for the right deals.”

CBRE IM has around €11bn in residential assets under management in EMEA. In 2023, the manager transacted €1.44bn of residential assets in Europe.

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