Invesco Real Estate has expanded its exposure to the residential market in Greater Copenhagen by acquiring a 13,900 m2 residential scheme in a forward funding transaction.
The development was acquired on behalf of a long-standing separate German mandate and secured in cooperation with local operating partner Rubik Properties.
Financial details were not disclosed.
Located in Ishøj, a Greater Copenhagen location southwest of the city centre, the turnkey project is expected to complete in Q2 2024. It will consist of 173 two-, three- and four-bedroom apartments with an average apartment size of 80 m2 across six buildings ranging from three to six floors. There will also be 178 car parking spaces.
The development is a part of a larger conversion of a former industrial district into a modern and vibrant residential neighbourhood. Ishøj is a suburban commuter centre with good population growth but where housing is in short supply. A new light rail system is scheduled to run by 2025 and a new station will open close to the development site.
Invesco has significantly increased its allocation to Copenhagen’s residential market over the past two years across a range of strategies. In June, it announced the forward purchase of a 25,000 m2 development in Ballerup, the fifth residential transaction in Greater Copenhagen for the firm over the previous 18 months.