Danish real estate firm Sjælsø has sold a residential project in Copenhagen to pension fund manager PKA and insurer Topdanmark for DKK 1 -1.1 bn (EUR 134 - 147 mln). The final sales price will be determined when construction is completed and the apartments have been let.
Danish real estate firm Sjælsø has sold a residential project in Copenhagen to pension fund manager PKA and insurer Topdanmark for DKK 1 -1.1 bn (EUR 134 - 147 mln). The final sales price will be determined when construction is completed and the apartments have been let.
The Udsigten project, Sjælsø's largest to date, is a 45,000 m2 scheme in the Margretheholm area comprising 458 apartments and a commercial lease of about 125 m2. The project is divided into six blocks to be completed during 2014 and 2015. The apartments will be let as they are completed.
During the past year, Sjælsø has built 48 terraced houses in the Margretheholm area, and the first residents have already moved in.
Commenting on the deal, Sjælsø's CEO Flemming Joseph Jensen said: 'In the present market situation, the completion of large projects in Copenhagen relies on experienced and financially strong investors, such as PKA and Topdanmark, making investments in Copenhagen residential properties. The continued population inflow to Copenhagen supports the demand for new residential properties and the long-term investment case for investors.'
