AXA IM - Real Assets has completed the acquisition of a 396-unit residential portfolio in Copenhagen, Denmark from Bellakvarter for c.€174m. The four-asset portfolio comprises three newly-built operational properties and the forward-purchase of one that remains under development, all within the same city-centre scheme known as Bellakvarter. Totalling 36,200m², the modern apartments of varying sizes have been purpose-built for the rental market. The majority of units benefit from a private terrace or balcony, with designated bike and car parking for residents of the scheme. The three standing assets, completed between 2018 and 2019, are almost fully occupied. The residential scheme is centrally located in Orestad, on the south side of Copenhagen, and benefits from close proximity to public transport.
Following its entry into the Nordic residential market in 2017, this transaction represents AXA IM - Real Assets’ second acquisition in the sector in Denmark, as it aims to capitalise on the robust economic fundamentals of the Scandinavian region. The acquisition also forms part of AXA IM - Real Assets’ wider strategy.
Fredrik Soderlund, Country Head, Nordic Region, at AXA IM - Real Assets, commented: “We continue to grow our Nordic assets under management, as the supportive underlying economic fundamentals have established the region as one of Europe’s key real estate markets. This latest investment forms part of a high-quality scheme in a well-connected and desirable location that benefits from increasing occupier demand and attractive underlying market dynamics. Furthermore, the portfolio offers strong income return potential and limited future capex, supporting our goal of long-term value creation on behalf of our clients.”
