Invesco Real Estate (Invesco) has acquired an established 56-unit development in a suburb outside of Copenhagen. The acquisition has been made on behalf of Invesco’s European Living Fund. The seller is CECN ApS and Ejendomsselskabet Casa Nord ApS.
This transaction is the fourth residential investment Invesco has invested in on behalf of its institutional investors in Denmark in 2021. The transaction further increases Invesco Real Estate’s exposure to the Danish residential investment market as part of its European Living Fund, which is focused on high-grade, turnkey residential developments with attractive social and environmental profiles located in strong, growing micro locations in Europe.
The acquisition has been secured in cooperation with Copenhagen-based RUBIK Properties, a leading operating partner in Denmark and an established partner for Invesco. The development complies with high ESG building standards and received the highest BR 18 grade A rating for this type of asset.*
The residential investment, Lammekær, consists of 56 townhouses completed in 2019. Situated in Glostrup, a suburb to the west of Copenhagen, the asset is surrounded by scenic areas such as Vestskoven and Vestvolden. The site, currently at 100 per cent occupancy, consists of two storey, four-bedroom properties with an average size of c.130 square metres.
Glostrup is a strong Copenhagen suburban commuter centre with good population growth and a current housing shortage. The development is close to two train stations and a cycle way which takes around 30 mins to Central Copenhagen. Central Copenhagen is also accessible via bus and car.
This latest transaction follows a series of acquisitions in the Danish residential market by Invesco this year: Vejlesvinget in Vallensbæk, Ved Vandet in Ishøj and Torvevej in Skovlunde, all situated in Greater Copenhagen.
Source: propertyfundsworld.com on the 8th November