Invesco Real Estate, on behalf of a Danish entity, has acquired a 6,000 m2 residential asset in Valby, West Copenhagen, from local developer FB Gruppen.
Financial details were not disclosed.
The deal for Grønttorvet 16 (Røllike Hus), a new-build investment comprising 65 units, marks the second residential investment Invesco has acquired within the Grønttorvet regeneration scheme and is one of the last to be completed.
In October last year, Invesco announced it had acquired Grønttorvet 8 (Primula Hus) including 191 apartments. In addition, Invesco closed a further residential transaction in the Islands Brygge area in central Copenhagen at the end of last year.
The site is being developed by FB Gruppen, which is transforming the old Grønttorvet area into a modern residential district with a strong emphasis on sustainability and affordable rents, with plans to deliver around 2,500 homes by 2021.
'The Danish residential market is still relatively new for us, but this third investment within ten months confirms our commitment to both this market and sector. We plan to continue to further widen our residential footprint across Europe given the strong track record we have in the asset class,' said John German, managing director – residential investments at Invesco.
Christopher Brassington, senior director of fund management at Invesco, added: 'We are delighted to be able to close this transaction as scheduled under the current challenging circumstances of Covid-19 and to be already able to confirm that leasing has progressed successfully.'
'At a time when Covid-19 has made a mark on the property market in many countries, we are proud that our projects also in an international perspective can attract interest from foreign investors,' said FB Gruppen CEO Hans-Bo Hyldig.
Invesco was advised by its local partner Rubik Properties.
