CBRE Global Investors, on behalf of one of its pan-European funds, has agreed the acquisition of a residential asset in Copenhagen, Denmark, from Patrizia.
Financial details were not disclosed.
Comprising 128 residential units and four commercial units, the acquisition marks the fund’s first residential deal in Denmark.
Constructed in 2015, Marmorvej 19-49 in Nordhavn consists of 13,469 m2 of residential accommodation, spanning six buildings.
It is part of the Marmorbyen scheme, comprising 128 prime residential units providing 13,469 m2 of accommodation, alongside four commercial units. The entire residential development Marmorbyen with a total of 259 units was acquired by Patrizia in 2017.
The Grade A EPC labelled buildings are fitted with solar panels that supply energy for the communal areas and all apartments include a balcony or terrace, and range in sizes from 76 to 150 m2 with an average of 105 m2.
Andreas Norberg, head of investment operations, Nordics, CBRE Global Investors commented: 'Copenhagen is one of the most dynamic and sustainable cities in Northern Europe, and so we are excited to have taken our first steps in this market for one of our direct strategies, thanks to a rare opportunity to acquire a sizeable prime asset in one of Northern Europe’s most sought-after residential neighbourhoods.
'With Copenhagen consistently ranked among the most sustainable and livable cities in the world and urbanization set to drive further residential demand, we expect this asset to deliver consistent and attractive returns for our investors.'
Louise Hertz, country manager, Patrizia Denmark, commented: 'The successful completion of this transaction is a testament to the strength of our relationships on the ground in Denmark, allowing us to crystallise this investment to deliver attractive returns on behalf of our investors.
'During its ownership Patrizia has continuously and with success focused on reducing the vacancy rate and increasing the rent level on asset. While we continue to see opportunities in the Danish residential market and are targeting further investments, we believe that the current market provided the right conditions to sell this property.'