Europa Capital, the pan-European real estate investment manager, has offloaded an asset it developed in Denmark to the Catella Wohnen Europa Fund.
A sale price of €85 mln has been achieved for the Hi;Life asset, which Europa and partner Keystone Investment Management forward funded together.
Hi:Life is located in the Christiansbjerg district in northern Aarhus and is a 17,700 m2 scheme that opened in 2020.
Since entering the Danish residential market in 2016, Europa Capital has acquired a total of over 2,000 beds in the local let residential market, totalling around €400 mln for various investment funds and products, including its value-add fund series.
Jason Oram, partner and fund manager, said: 'Having established a significant amount of experience in the residential market in Copenhagen, we recognised that investor appetite would soon expand to other mature cities within Denmark, such as Aarhus, which also offer favourable demand/supply dynamics.’
Hugo Black, partner, added the sale was at a very good yield for the Aarhus residential market.
Europa Capital and Keystone Investment Management were advised by Colliers. Thylander Gruppen advised Catella on the transaction.