Patrizia Immobilien has acquired the 259 apartments of the Marble City residential area in Copenhagen, Denmark, for an undisclosed sum.
The asset was acquired from Danish labour-market pension fund PenSam and the public company City & Harbour.
The German real estate investment manager said the acquisition, which comprises twelve separate properties, was made on behalf of three Patrizia funds.
Rikke Lykke, managing director for Patrizia’s Nordic arm said: the Nordic region and the largest Danish cities in particular continue to be a very attractive market for institutional investors.
“The ongoing supply and demand imbalance in these cities’ residential real estate markets continues to underpin future development.
”Copenhagen, as Denmark’s capital as well as a thriving economic and cultural hub, is benefiting greatly from a growing population and urbanisation, making the acquisition of the Marble City residential project a very attractive investment for Patrizia’s clients,” Lykke said.
An investment like this for three different investors demonstrates Patrizia’s ability to tailor investment solutions for its institutional clients, Lykke added.
The Marble City purchase is the latest in a series of residential real estate acquisitions completed by Patrizia in Denmark.
Last year, In March, Patrizia bought a 142-apartment development project in Copenhagen’s Sydhavnen district; in April, the company acquired a portfolio of properties in Copenhagen and Aarhus.
Patrizia also purchased a 16-property development project in July and a 177-apartment development project, also located in Sydhavnen area, was acquired in October.