Patrizia Immobilien AG has announced the acquisition of the 259 apartments of the ‘Marble City’ residential area in Copenhagen, Denmark, from the pension fund PenSam and the public company City & Harbour. The acquisition, which comprises twelve separate properties, was made on behalf of three Patrizia funds.
Commenting on the acquisition, Patrizia’s Managing Director for the Nordics, Rikke Lykke, says the Nordic region and the largest Danish cities, in particular, continue to be a very attractive market for institutional investors. “The ongoing supply and demand imbalance in these cities’ residential real estate markets continues to underpin future development. Copenhagen, as Denmark’s capital as well as a thriving economic and cultural hub, is benefiting greatly from a growing population and urbanisation, making the acquisition of the Marble City residential project a very attractive investment for Patrizia’s clients,” adds Rikke Lykke.
The acquisition is split into two stages: the first stage comprises 128 two-, three- and four-bedroom apartments with four commercial units across six properties; the second phase comprises 131 apartments across six properties. All of the apartments are modern, high-quality units, each providing a balcony or terrace.
“An investment like this for three different investors demonstrates Patrizia’s ability to tailor investment solutions for our institutional clients,” says Rikke Lykke.
The properties are located in the middle of the small Marmormolen Peninsula, neighbouring the UN City Building.The peninsula is in the much sought-after Østerbro district, just 2.5 kilometres from Copenhagen’s city centre and close to the Nordhavn train station. The area’s transport infrastructure will further improve following the planned opening of a new metro station in 2020. Marble City’s waterfront location also offers residents easy access to the harbour and the city’s canal environment.
The Marble City purchase is the latest in a series of residential real estate acquisitions completed by Patrizia in Denmark. In 2017, in March, the company acquired a 142-apartment development project in Copenhagen’s Sydhavnen district; a portfolio of six properties – five in Copenhagen, including one development, and one in Aarhus – was acquired in April; a 16-property development project was purchased in July; and a 177-apartment development project, also located in Copenhagen’s Sydhavnen area, was acquired in October.