Europa Capital, acting in partnership with Keystone Investment Management, has completed the sale of a 90-unit residential PRS building on behalf of Europa Capital’s pan-European value-add fund, Europa Fund V, to pan-European investment manager, Patrizia. The circa 9,000m² asset, located in the Copenhagen suburb of Valby, was a forward commitment transaction contracted by Europa Capital in late 2016 with completion taking place in August 2019, shortly after practical completion of the development. Since then it has fully let all the units which comprise a mix of one to four-bedroom apartments. The purchase price was not disclosed.
Hugo Black, Partner at Europa Capital, commented: “Copenhagen represents many of the key attributes we look for at a city level, such as a growing population, a strong tech backdrop and a shortage of stock, all of which make it an attractive investment location. Our project at Valby has been an enormous success, having delivered on our value-add business plan to enhance these properties through active asset management and crystallise positive returns for our investors.”
