PATRIZIA boosts Copenhagen residential holdings with off market deal
Further acquisition in Danish capital city
- Brings total number of acquired units to 320 residential and 9 commercial across 31,350 sq m
- Located in one of Copenhagen’s most sought-after residential districts
Augsburg/Copenhagen, 16 December 2019. PATRIZIA AG, the global partner for pan-European real estate investment, announces that it has acquired a third residential asset in the Valby district of Copenhagen, Denmark, from Europa Capital and Keystone Investment Management A/S.
Situated in the newly built development ‘Valby Maskinfabrik’, one of Copenhagen’s popular residential areas, the fully let asset totals 9,450 sq m. It comprises 96 residential units, a mix of one to four-bedroom apartments and townhouses with an average unit size of 95 sq m and circa 300 sq m of commercial space divided across 3 units. The building is located close to Copenhagen’s Central Business District with easy access to public transportation and road networks.
PATRIZIA previously acquired two further residential assets in the Valby area from Europa Capital and Keystone Investment Management A/S in July 2018 and November 2019.
This acquisition increases PATRIZIA’s total assets under management (AUM) in Denmark to EUR 1.5 billion.
Jörg Laue, Head of Transactions Nordics at PATRIZIA commented: “This third acquisition from Europa Capital and Keystone, completed for three different PATRIZIA funds, shows a strong cooperation between the sellers and the buyer and further demonstrates the solid institutional appetite for well located, high quality assets in Denmark. This fully let asset aligns with our investors long-term buy and hold strategy, while generating an attractive return. We still see attractive opportunities in Denmark and will continue grow our Danish platform.”
The Danish capital is among the top prioritised cities in Europe for real estate investments boosted by good demographics, growing economies and high quality of life. The main growth drivers for the city’s housing market are population growth (20% growth forecast by 2037), the trend towards further urbanisation in Denmark and a housing shortage due to excess demand. Valby is an area of the city with one of the highest population growth forecasts.
PATRIZIA AG has been active as an investment manager in the real estate market across Europe for more than 35 years. PATRIZIA’s activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As a global partner for pan-European real estate investment, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. PATRIZIA manages more than EUR 42 billion of real estate assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit: www.patrizia.ag.
Head of Corporate Communications
Phone: +49 (0) 821 5 09 10-6 55