Nordic private landlord Niam has acquired a residential development project, located on a former industrial plot, site of an historical paper mill.
The project was acquired from the Danish full-service contractor MT Højgaard and will deliver 301 apartments in the coming years.
Financial details were not disclosed.
The project, comprising 27,500 m2, is located in Odense, Denmark’s third largest city, with close proximity to nature, water, and schools as well as various transport links to the city center. The project will receive a DGNB Gold certification and once completed, be part of a new attractive 45,000 m2 residential area.
Michael Berthelsen, Denmark country manager for Niam, said: 'We continue to focus on sustainable real estate that satisfies the everyday needs of our tenants.
'We are pleased to work with MT Højgaard on this project, where the ambition is to offer sustainable high quality, yet affordable homes for everyone.'
Construction is expected to start in September 2021 by MT Højgaard Danmark and Raunstrup, part of the Enemærke & Petersen group, with the final phase planned for delivery in Q1 2024.
Finn Mortensen, project development director at MT Højgaard Projektudvikling said: 'We are looking forward to cooperating with Niam and create an attractive new residential area with a variety of apartments while preserving the unique history and soul in the area of Denmark’s oldest paper mill.
'It is an exciting project that lets us draw on competencies across the MT Højgaard Holding Group to transform a former industrial area into a new, diverse residential quarter.'
With this latest acquisition, Niam’s presence in the Danish residential market continues to grow and the portfolio now consists of approximately 1,400 units.
