Hines, on behalf of the Hines pan-European Core Fund (HECF), has paid an undisclosed sum to buy its first residential project in Denmark.
The international real estate firm said it bought the 121-apartment Nordic Swan Ecolabel project in Copenhagen’s Østerbro district from developer Bonava.
The new homes will consist of one, two and three-bedroom apartments for rent, totalling 10,508sqm of space across three buildings, and will be completed in the fourth quarter of 2021.
The project – the first residential investment by Hines in Denmark – is part of a bigger strategy to increase green residential investments in the Nordics, the manager said.
The acquisition is the second residential deal undertaken by the HECF and follows the fund’s acquisition of the Pontkade Phase 3 project site in the NDSM-West area of Amsterdam, The Netherlands, in February.
Peter Epping, senior managing director and HECF fund manager at Hines, said: “Our investment in Copenhagen’s Trikotageparken reflects our ambition to increase the exposure of the HECF in the living sector within key city-centre locations across Europe.
“As we continue to expand our residential portfolio, we will focus on high-quality investments which combine strong real estate fundamentals and the highest sustainability and ESG criteria.”
James Robson, country head for Nordics at Hines, said: “We are excited to be undertaking our first residential project in Denmark and The Nordics region, and looking forward to seeing the scheme develop into a highly sustainable new community.
“We are actively targeting similar projects that demonstrate innovative, forward-thinking approaches to design and sustainability.”
Kristina Olsen, managing director at Bonava Danmark, said: “We are very happy with the cooperation with Hines, who share our focus on sustainability. Investor sales is part of our strategy, and in Hines, we have found a partner, with a long-term perspective on the market.”