KKR has joined forces with Fokus Asset Management to buy nine properties as part of a plan to build up a residential portfolio in Denmark.
The newly joint created venture has paid an undisclosed sum to buy 309 apartments in nine properties in Central and Greater Copenhagen.
KKR said the acquisition – which represents KKR’s first investment in the Danish residential sector – is part of a larger thematic strategy that will build up a portfolio of multifamily properties and townhouses in the Greater Copenhagen area and other Danish growth cities.
KKR is making the acquisitions through its real estate funds. Danish manager Fokus will act as operating partner of the assets.
Seb d’Avanzo, European head of acquisitions at KKR Real Estate, said: “We are delighted to make our first investment in the Danish residential sector. The strong and stable fundamentals of the region supported by excellent urbanisation and demographic macro trends as well as sustainability-led growth provide an excellent fit for our investment philosophy.
“Together with Fokus and its strong execution and asset management capabilities, we look forward to expanding the residential footprint in Denmark. This transaction underlines our strong conviction in high-quality residential markets across Europe and adds to our prior residential investments in Germany, Spain, England and Ireland.”
Tonny Nielsen, CEO and partner at Fokus Asset Management, said: “This value-add investment platform works well alongside our more existing core products.
“We are grateful to work with and invest alongside KKR, one of the leading European and global real estate players. We look forward to building the residential portfolio in Denmark and the Nordics alongside the KKR team with a goal to even further increase our capital deployment over the next years.”
To read the digital edition of the latest IPE Real Assets magazine click here.
