Invesco Real Estate has added 163 new apartments in Denmark to its European private rented sector (PRS) portfolio.
The manager has paid an undisclosed sum to buy the exclusive rights to a new development of prime, residential PRS asset located in Vallensbæk, Greater Copenhagen from Real Estate Developer 1927 Estate.
The manager said the acquisition has been secured in cooperation with Copenhagen-based RUBIK Properties, a partner for Invesco Real Estate.
“The transaction further enhances Invesco Real Estate’s exposure to both the Danish residential investment market and the wider European PRS sector at a time when we are seeing strong asset class growth based on the highly attractive fundamentals that continue be present in the sector despite the impact of the COVID-19 pandemic over the last 12 months,” the manager said.
Vejlesvinget has been acquired on behalf of Invesco’s strategic opportunities investment programme, the manager said.
The asset consists of 163 new build apartments with an average size of 78sqm split over two buildings of between two and six floors extending to 6,515sqm and 6,245sqm.
John German, a managing director in charge of residential investments at Invesco Real Estate, said: “We look forward to working with 1927 Estate in the delivery of this opportunity and hope to be able to work with them on other projects.
“Vallensbæk is well located in an affordable suburban centre experiencing population growth. This asset is in line with our focus on investing in mid-market PRS developments in core European capital cities.”
Jacob Smergel-Krog from RUBIK Properties said: “We are delighted to be once again working with the team at Invesco Real Estate in realising this opportunity in Copenhagen.
“We believe there is a good opportunity for investors to capitalize on supply/demand imbalance for PRS and thus are actively searching for similar affordable residential development projects in Greater Copenhagen.”
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