Invesco has acquired an established 56-unit development in a suburb outside of Copenhagen. The acquisition has been made on behalf of Invesco’s European Living Fund. The seller is CECN ApS and Ejendomsselskabet Casa Nord ApS. This transaction is the fourth residential investment Invesco has invested in on behalf of its institutional investors in Denmark in 2021. The deal further increases Invesco Real Estate’s exposure to the Danish residential investment market as part of its European Living Fund, which is focused on high-grade, turnkey residential developments with attractive social and environmental profiles located in strong, growing micro-locations in Europe.
The residential scheme, Lammekær, consists of 56 townhouses completed in 2019. Situated in Glostrup, a suburb to the west of Copenhagen, the asset is surrounded by scenic areas such as Vestskoven and Vestvolden. The site, currently at 100% occupancy, consists of two-storey, four-bedroom properties with an average size of c. 130m². Glostrup is a strong Copenhagen suburban commuter centre with good population growth and a current housing shortage. The development is close to two train stations and a cycleway which takes around 30 mins to Central Copenhagen. Central Copenhagen is also accessible via bus and car.
John German, Managing Director - Residential Investments, Invesco, said: “Lammekær offers affordable, high-quality residential housing to families in a Greater Copenhagen location and as well as offering easy access into the city centre. We are delighted to be working once again with RUBIK Properties and strengthening our relationship with a key partner in a highly attractive European market.”
William Ertz, Senior Director – Fund Management, Invesco, concluded: “With this acquisition we add a prime stabilized and fully let residential asset to our growing pan-European residential portfolio, Lammekær enables us to generate income from “Day One” and diversifies our Fund to five countries within the first year of its launch.”
