Global investment manager Invesco Real Estate has pounced on its second deal in Denmark, with the agreement to forward fund a residential asset in Copenhagen.
Financial details were not disclosed.
The off-market transaction was made on behalf of one of Invesco’s German separate account clients.
The development project comprises 124 apartments with associated common areas, bicycle parking and storage rooms. It is being developed by developer Bach Gruppen, with a targeted completion date of 2021.
'We are seeing an increasing demand from institutional investors for high quality and income producing residential projects in Europe and are looking forward to further expand in this sector,' said John German, managing director, residential investments at Invesco.
The scheme is situated in the wider development known as Bryggens Bastion, located in the Islands Brygge area in central Copenhagen. It will deliver a mix of residential, student housing, micro-apartments and commercial across ten buildings once completed.
The asset marks the second Danish residential transaction buy for Invesco, coming after the acquisition earlier in October of Grønttorvet 8, a residential development encompassing 191 apartments in Copenhagen. It also marks the firm's 30th asset to its growing pan-European residential portfolio which has seen investments in seven countries.
'I’m really pleased we’ve been able to secure a second Danish residential asset so soon after announcing Grønttorvet 8 and this is a real testament to the quality and hard work of our team when it comes to sourcing and executing off-market deals,' German added.
'Bryggens Bastion on Islands Brygge will contain green open spaces and a green path way, vegetation on facades, bicycle routes, two high-rise buildings, a water space with the function of climate protection and built-in bicycle lifts. In addition, emphasis has been placed on the possibility of modern communities in the individual buildings and an architectural interaction with the surrounding buildings,' said Anders Bo Bach, CEO of Bach Gruppen København.
The masterplan has already been pre-certified gold for sustainability by the German Sustainable Building Council (DGNB).
Invesco was advised locally on the transaction by Rubik properties, as well as receiving counsel from Accura and KPMG.
