US privately-held developer-investor Hines has taken full ownership of Trikotageparken, its first residential project in The Nordics, for an undisclosed amount.
Located in Copenhagen’s Østerbro district in the east of the city, the asset was acquired in April 2020 from developer Bonava on behalf of the Hines European Core Fund (HECF) as a forward funding purchase. The new homes completed in October 2021 and are now fully owned by HECF. All the 121 apartments are fully let and total 10,508 m2 across three buildings.
Trikotageparken was designed by architects Praksis Arkitekter and is named after Julius Hansens Trikotagefabrik, a knitwear factory which occupied the site until the 1970s.
The development forms part of HECF’s strategy to increase its residential investments across the Nordics.
Simone Pozzato, managing director and HECF Fund Manager, at Hines, said: ‘Through HECF, we are continuing to increase our exposure to the living sector with high-quality assets that combine strong real estate fundamentals and the highest sustainability criteria, meeting the growing demand of families and young professionals. As an excellent example of high quality ‘green’ residential design in Europe, our investment in Copenhagen’s Trikotageparken reflects this ambition.’
James Robson, senior managing director and country head – The Nordics, at Hines, commented: ‘As our first residential project in Denmark, we’re pleased to report there has been strong demand for all 121 apartments, which are fully let and occupied. We’re looking forward to seeing the scheme continue to develop into a highly sustainable residence and are excited at the prospect of growing our residential portfolio in this region, which is currently undersupplied in terms of residential stock.’
In November 2021, Hines also announced it had acquired Mariendalsvej 55-57, the Company’s second living asset in Denmark, for an undisclosed price, which marked HECF’s fifth living purchase.
