US developer-investor Hines this week closed the acquisition of 121 apartments at Trikotageparken, east Copenhagen, from developer Bonava, on behalf of the Hines pan-European Core Fund (HECF).
The deal for an undisclosed amount is Hines’ first residential project acquisition in the Nordics, as a part of a bigger strategy to increase green residential investments in the region.
Located in Copenhagen’s Østerbro district in the east of the city, the new homes are part of Bonava’s Trikotageparken development, which has been recognized by the Nordic Swan Ecolabel scheme for high levels of sustainability.
The new homes acquired by HECF will consist of one, two and three-bedroom apartments for rent, totalling 10,508 m2 of space across three buildings, and will be completed in Q4 2021. A further building will be sold by Bonava through private market sale.
The acquisition is the second residential deal undertaken by the HECF and follows the fund’s acquisition of the Pontkade Phase 3 project site in the NDSM-West area of Amsterdam, The Netherlands, in February. Since 2019, HECF has sought to increase exposure to residential and urban logistics assets in key European cities within its portfolio.
The 121-unit Nordic Swan Ecolabel project marks the first residential investment by Hines in Denmark, as a part of a bigger strategy to increase green residential investments in the Nordics.
Peter Epping, senior managing director and HECF fund manager at Hines, said: ‘Our investment in Copenhagen’s Trikotageparken reflects our ambition to increase the exposure of the HECF in the living sector within key city centre locations across Europe. As we continue to expand our residential portfolio, we will focus on high quality investments which combine strong real estate fundamentals and the highest sustainability and ESG criteria.’
In 2019 the HECF was recognized by GRESB as the most sustainable fund in Europe of all diversified portfolios. James Robson, country head for The Nordics at Hines, said: ‘At Hines we strive to be world leaders in sustainability, and Trikotageparken is an excellent example of high quality ‘green’ design. We are excited to be undertaking our first residential project in Denmark and The Nordics region, and looking forward to seeing the scheme develop into a highly sustainable new community.’