Europa Capital in partnership with Keystone Investment Management has completed the sale of a 90-unit residential PRS building on behalf of Europa Capital’s pan-European value-add fund, Europa Fund V, to pan-European investment manager, Patrizia.
The circa 9,000 m2 asset, located in the Copenhagen suburb of Valby, was a forward commitment transaction contracted by Europa Capital in late 2016 with completion taking place in August 2019, shortly after practical completion of the development. Since then it has fully let all the units which comprise a mix of one to four-bedroom apartments.
This sale concludes Europa Capital’s investment in the Valby site.
Valby is quickly establishing itself as a popular residential area due to its close proximity to central Copenhagen, with excellent connectivity via local public transport and road networks, including a number of new cycle paths.
Hugo Black, partner at Europa Capital, commented: 'Copenhagen represents many of the key attributes we look for at a city level, such as a growing population, a strong tech backdrop and a shortage of stock, all of which make it an attractive investment location. Our project at Valby has been an enormous success, having delivered on our value-add business plan to enhance these properties through active asset management and crystallise positive returns for our investors.'
Europa Capital has previously sold two other Valby residential buildings to Patrizia, also on behalf of Europa Fund V, in July 2018 and November 2019. Since 2012, Europa Capital has acquired 9,670 beds in let residential and student markets across Europe, totalling circa €1.15 bn of investment.