CBRE Global Investment Partners (CBRE GIP) announces the acquisition of Sølvgade Complex Student Accommodation, Copenhagen. The asset was acquired on behalf of one of its separate account clients and the vendor was Norden.
The acquisition is another example of CBRE GIP entering into a programmatic venture with an operating partner. Triton Development North will partner CBRE GIP in this venture and will be the local operating partner and property manager, managing the property under its ‘BaseCamp’ brand.
The prime student accommodation comprises 463 units and is located in the heart of Copenhagen. A comprehensive redevelopment and refurbishment project has just been completed ready for students at the start of the new academic year.
The historic building, built in 1771, was originally used as military barracks and was then converted into office use in 1926. It is the most attractive student accommodation scheme in Copenhagen and is ideally located in the town centre, 600 metres from the city’s main transport hub Nørreport Station and opposite to King's Garden.
The University of Copenhagen Housing Foundation has taken half the units on an eight year lease and the other half will be direct let to students by the operator.
Alexander van Riel, Head of Continental Europe, CBRE Global Investment Partners commented: “We have acquired a truly prime asset and our first student accommodation in Scandinavia. The acquisition is in line with our global strategy to establish programmatic ventures with best in class, sector specialists.
We are confident that with the undersupply of student accommodation in Copenhagen and Triton’s expertise in this sector, we have acquired a stable income producing asset with strong rental growth prospects.”
CBRE Global Investment Partners was advised by Savills, Plesner, PwC and Houthoff Buruma.