Europa Capital has invested €88m in Danish residential assets on behalf of its core real estate fund.
The pan-European real estate investment manager, working with Copenhagen based Keystone Investment Management, has completed the acquisition of 178 newly developed residential units across four buildings in the Amager area of Copenhagen from Gefion.
Europa, on behalf of Europa Diversified Income Fund (EDIF), entered into a forward commitment with Gefion in May last year and has now taken ownership of the assets following their completion and lease-up.
The open-ended EDIF fund, which held its €350m first close in November last year, targets assets in Western Europe, with a focus on France, Germany, the Netherlands and Denmark.
The acquisition of these assets in Copenhagen takes the fund’s gross asset value to almost €400m, with two-thirds of the income in the logistics and living sectors, which remain the current focus of its investment strategy.
Andy Watson, partner and fund manager at Europa Capital, said: “We see PRS residential as a long-term, low-volatility backbone to our diversified income portfolio.
“We are pleased to have sourced and executed this opportunity for EDIF with Keystone, a local partner with specialist residential experience and a strong track record with Europa Capital in Copenhagen, a city which we favour for its strong fundamentals of population growth.
“The successful lease-up of these four buildings also demonstrates the appeal of high-quality facilities in a unique waterfront location.”
To read the digital edition of the latest IPE Real Assets magazine click here.
