Listed German property investor Patrizia Immobilien AG has acquired the Library Park project in Aarhus, Denmark.
Financial details were not disclosed.
Purchased for one of its pan-European residential funds Patrizia Europa Wohnen I, the asset comprises residential units, a boutique hotel, retail spaces and car-parking.
Peter Helfrich, Patrizia’s regional head North West Europe, commented: ‘This investment was the opportunity to acquire a new, high-quality set of properties which will enable our clients to benefit from Aarhus’ strong rental housing market, characterised by excess demand, reflected in a very low to non-existent vacancy rate’.
Once completed, the Library Park will feature 85 apartments, a 508-bed boutique hotel and 2-4 retail units – a total of around 11,800 m2 of lettable space spread across two buildings – plus 72 parking spaces, 60 of which are underground.
The project will be handed over turnkey in mid-2020.
‘In addition, demand for rooms in the city’s hotel market has continued to increase over recent years while a recent feasibility study concluded that there is a need for a boutique hotel in Aarhus. All in all, this is an investment that will deliver long-term reward,’ Helfrich concluded.