Global asset management firm Invesco has acquired the exclusive rights to a new development of prime, Class A residential private rented sector (PRS) homes located in Vallensbæk, Greater Copenhagen, from real estate developer 1927 Estate.
Financial details were not disclosed.
Vejlesvinget has been acquired on behalf of Invesco’s strategic opportunities investment programme, and consists of 163 new build apartments with an average size of 78 m2 split over two buildings of between two and six floors extending to 6,515 m2 (83 units) and 6,245 m2 (80 units).
John German, managing director - residential investments, Invesco Real Estate, said: 'This is a great opportunity to purchase a Class A asset within an attractive and accessible Greater Copenhagen location, a market that is underpinned by highly attractive dynamics.
'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.'
The project is located in a recently developed area and will be one of the last remaining industrial/commercial properties to be redeveloped and will be delivered on a turnkey basis, with completion expected in Q4 2022.
The development will prioritise sustainability measures such as DGNB certificates as well as relevant property technology solutions to create a competitive advantage in the market.
Soren Hampen Kristensen, CEO - 1927 Estate said: 'We are very pleased to announce this transaction with a leading investor as Invesco Real Estate.
'Being able to deliver another major DGNB sustainability certified project in Denmark is something we are very proud of at 1927 Estate. With this transaction we continue to execute on our growth strategy focused on sustainability and digitisation.'
The acquisition has been secured in cooperation with Copenhagen-based Rubik Properties, a Danish real estate investment advisor.
The transaction further enhances Invesco Real Estate’s exposure to both the Danish residential investment market and the wider European PRS sector.
