Private real estate investor Niam has acquired a portfolio of 782 turn-key residential units located in five growth cities across Jutland, Denmark, from Danish developer Birch Ejendomme.
Financial details were not disclosed.
The portfolio comprises 10 properties with 646 terraced houses and 136 apartments, being built by Birch Ejendomme, that previously delivered some 1,200 units to Niam in Denmark.
The properties are located in five regional growth cities across Jutland, in Aarhus, Silkeborg, Kolding, Randers and Fredericia. Together they amount to some 70,000 m2, making the average size of the units 88 m2. Once finalised, all properties will obtain a DGNB environmental certification.
Michael Berthelsen, country manager Denmark at Niam, said: 'We are happy to continue our relationship with Birch Ejendomme who continuously delivers high-quality homes that meet the market needs.
'The acquisition of these assets supports our ambition to build a residential portfolio in Denmark with a focus on high quality buildings, let at sustainable rent levels. Additionally, it is an important factor for Niam as a social developer that the residentials are environmentally sustainable which will be confirmed with the DGNB certification.'
Thomas Bertelsen, partner in Birch Ejendomme, said: 'At Birch Ejendomme, we are extremely pleased to be able to expand our close relationship and professional collaboration with Niam with this transaction and that such a reputable Nordic investor has a continued desire to trade properties with us.
'This transaction is a result of the fantastic journey that we at Birch Ejendomme are on and it supports our ambition to deliver leased sustainable quality buildings to the housing market in Danish growth cities, which has characterized our dealings with Niam in recent years. We are much look forward to delivering a total of 10 properties over the next two years.'
The units are targeting an initial completion of September 2021, with the final delivery in October 2023.
