Nordic property player Heimstaden has inked a deal to acquire 678 apartments in the Danish capital Copenhagen for DKK 1,690 mln (€227 mln).
The deal comprises the entire Hostrups Have estate in Fredriksberg, which is being liquidated as a result of the bankruptcy of AB Hostrups Have.
Built from 1935-37, the property consists of 678 residential units and 47 commercial premises, located mainly at street level. The total area is about 65,000 m2.
Heimstaden said it would finance the acquisition partly through cash, and partly through mortgage credit lending. The principal creditor of the estate is Nykredit.
'I'm grateful Heimstaden had the opportunity to acquire Hostrups Have,' commented Magnus Nordholm, Heimstaden's executuve vice president. 'We look forward after the summer to take over ownership and thus begin the development of the property and the area around Hostrups Have in Frederiksberg for the future and with consideration for our tenants.'
Completion is scheduled for 1 September.
Gorrissen Federspiel was Heimstaden's city advisor in the transaction.
