Investment giant AXA Investment Managers - Real Assets (AXA IMRA) has acquired a 396-unit residential portfolio in Copenhagen, Denmark for €174 mln from local development company Bellakvarter.
The four-asset portfolio comprises three newly-built operational properties and the forward-purchase of a development scheme, all within the same city-centre scheme known as Bellakvarter.
'We continue to grow our Nordic assets under management, as the supportive underlying economic fundamentals have established the region as one of Europe’s key real estate markets,' said Fredrik Söderlund, country head, Nordic region, at AXA IMRA.
'This latest investment forms part of a high-quality scheme in a well-connected and desirable location that benefits from increasing occupier demand and attractive underlying market dynamics,' Söderlund added.
Totalling 36,200 m2, the apartments have been purpose built for the rental market (PRS), with designated bike and car parking for residents of the scheme. The three standing assets, completed between 2018 and 2019, are almost fully occupied.
The residential scheme is located in Ørestad, on the south side of Copenhagen. The wider Bellakvarter neighbourhood includes the construction of 6,000 new residential units and 6,500 new work places.
The deal represents AXA IMRA’s second acquisition in the sector in Denmark, following its entry into the Nordic residential market in 2017.