Invesco Real Estate has acquired a Private Rented Sector (PRS) residential development in Ishøj, in the Greater Copenhagen area of Denmark.
The acquisition was secured in cooperation with Copenhagen-based Rubik Properties, a real estate investment advisor in Denmark.
Ved Vandet has been acquired on behalf of Invesco’s strategic opportunities investment programme and consists of 133 new-build apartments with an average size of 84 m2 split over five buildings of between two and eight floors. The asset totals 11,220 m2 along with 133 car parking spaces and 200 cycle spaces. The project is to be delivered by developer Becker/Nielsen Group on a turnkey basis and is expected to complete by December 2022.
Ved Vandet, in the Ishøj district of Copenhagen, is located less than 1 km from Ishøj’s centre as well as Ishøj Station from where nine S trains depart per hour towards Copenhagen’s Central Station. It is also located close to the upcoming light rail which is scheduled to open in 2025.
John German, managing director - residential investments, Invesco Real Estate, said: ‘This acquisition further enhances Invesco Real Estate’s exposure to both the Danish residential investment market and the wider European PRS sector at a time when we are seeing strong asset class growth based on the highly attractive fundamentals that continue to be present in the sector despite the impact of the Covid-19 pandemic over the last 12 months. Ved Vandet is an excellent addition to our client’s growing portfolio of diversified assets across Europe.’
