Catella Residential Investment Management (CRIM) has acquired a 225-apartment student residence in Copenhagen, named “Stoberiet”, for circa €60m. This latest acquisition increases the assets under management to almost €1bn for this mandate.
The five-storey property is located at Støberigade 8-10 in the thriving harbourfront area of Sydhavn (south harbour) on Copenhagen’s Teglholmen peninsula. It comprises 225 one- and two-bedroom apartments, a small communal courtyard, laundry and storage facilities, and a retail unit let to a well-known supermarket.
The apartments range in size from 34 to 93m², with an average of approximately 41m², each with a small, well-equipped kitchen and bathroom. All units have access to either spacious, west-facing private balconies or terraces with the units on the upper floors also benefitting from east-facing French windows. The asset is connected to a central district heating system and uses heat exchangers for heating and warm water. A wide range of shopping facilities, cafes and restaurants are located nearby.
Historically a dockland area, Teglholmen has recently re-emerged as a thriving residential location following a massive redevelopment programme aimed at creating new residential districts in this part of Copenhagen. It is home to a cluster of IT and telecommunication companies while Aalborg University houses a campus in the former Danish Nokia headquarters. The peninsula is connected to Copenhagen’s city centre by bus, water taxi, rail and road and its accessibility will be improved further after the extension to the M4 metro is completed. The ‘Enghave Brygge’ station will be located just 500 metres from the property when it opens in three years’ time.
Benjamin Ruther, Head of Fund Management, CRIM commented: “The property, a former industrial building dating from the 1920s, ticks many of our investment criteria boxes. It was redeveloped in 2015 and has been designed and constructed to high energy standards with a Danish A2010 energy label. On the one hand redevelopments like this one meet our high environmental sustainability standards, on the other they fit perfectly into our antifragility strategy. Furthermore, Teglholmen is rapidly developing into one of Copenhagen’s prime residential locations and holds plenty of upside potential as urban regeneration of this area continues.”