Patrizia buys turnkey project in Aarhus

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.


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