Germany's Patrizia Immobilien has expanded its operations in Denmark with the purchase of a residential facility in Copenhagen on behalf of its Patrizia Euro City Residential Fund I. The transaction price amounted to EUR 30 mln.
Germany's Patrizia Immobilien has expanded its operations in Denmark with the purchase of a residential facility in Copenhagen on behalf of its Patrizia Euro City Residential Fund I. The transaction price amounted to EUR 30 mln.
Completed in 2009, the residential building consists of 103 apartments over 9,141 m2 of living space. The property is fully let and located in Søborg, in the north of the Danish capital.
Commenting on the rationale for the acquisition, Peter Willisch, director of Patrizia WohnInvest KAG said: 'The population of Denmark is still growing. According to the latest forecasts, it will grow 0.2% per year to approximately 6.05 million in 2050.'
The purchase in Søborg has increased the volume of Patrizia Euro City Residential Fund I to over EUR 200 mln. Nearly 90% of the capital was invested in Sweden, Finland and Denmark, while the remaining 10% went to Germany.
'Alongside Germany, we see the residential real estate markets in the Nordic countries as very attractive. In the last six months alone, we have invested some EUR 80 mln just in Copenhagen,' added Willisch. The company opened an office in Stockholm in summer 2011.
