PATRIZIA acquires 15,000 sq m residential development in Copenhagen
PATRIZIA Immobilien AG announces the acquisition of a 15,000 sq m residential development project on the Teglholmen peninsula in the Sydhavnen district of Copenhagen.
- Located in the popular Sydhavnen district of Copenhagen
- Delivers 142 mixed-size apartments in a high-demand and low-supply market
- Grows PATRIZIA’s AUM in Denmark to EUR 800 million
“The Copenhagen housing market remains an attractive investment opportunity driven by economic growth, low inflation and historically low mortgage rates as well as the continued supply and demand imbalance,” says Rikke Lykke, Managing Director of PATRIZIA Nordic Region. ”And we see an increasing demand from international investors, who identify Copenhagen as an interesting investment location”, she adds.
The development project overlooking the canals of Sydhavnen and located two kilometres from the city centre of Copenhagen, offers 142 modern apartments with balconies. The apartments range from 73 to 150 sq m, with an average size of approximately 104 sq m, and offer between two and five rooms. The Sydhavnen district will benefit from improvements to local infrastructure and, given its waterfront location and close proximity to the city centre, it is now one of the most sought-after residential areas in Copenhagen. Particularly popular amongst young families, the local population is expected to triple from its current level of 5,000 and will exceed 15,000 by 2025.
“This is the third residential development on the Teglholmen peninsula that PATRIZIA has acquired over the last two years and is a strong proof of the ability of our local team to identify and acquire the most compelling investment opportunities,” Rikke Lykke says. Last year PATRIZIA acquired a residential turn-key project with 177 residential units and in 2015 PATRIZIA purchased a residential turn-key project in the same area with 127 residential units. Following this acquisition, PATRIZIA has approximately EUR 800 million of assets under management in Denmark.
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager on the real estate market in 15 European countries for more than 30 years. PATRIZIA’s range includes the acquisition, management, repositioning and sale of residential and commercial real estate over own licensed investment platforms. As one of the leading real estate investment companies in Europe, PATRIZIA operates as a respected business partner of large institutional clients and retail clients in all major European countries. Currently, the Company manages real estate assets worth over EUR 18 billion, primarily as a portfolio manager and co-investor for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks. For further information, please visit: www.patrizia.ag