Europa Capital has acquired a senior living development project in Helsingor, Denmark, on behalf of its latest value add fund. The investment, which is in line with Europa Capital’s strategy of expanding into the broader living sector, has been made through a joint venture with Copenhagen based Keystone Investment Management and Ailon Group.
The JV will develop a c. 5,300m² complex with 58 assisted living units let to Attendo, a leading Nordic care provider, and 108 private build-to-rent units that will be specifically adapted for seniors. The c. 14,200m² site will also include a commercial unit, which is expected to become a GP surgery. Construction is underway, with completion expected in Q1 2023.
The development is located north of Greater Copenhagen in the “Capital Region” of Denmark, closely linked with Copenhagen and the rest of the region through an extensive road grid and public transport network. Helsingør enjoys a growing and affluent population, a vibrant and historical city centre, a green natural setting as well as several ongoing and planned public and private investments.
Hugo Black, Partner at Europa Capital, commented: “This acquisition provides an excellent opportunity to convert a former hospital into state-of-the-art senior accommodation and it marks an exciting milestone for Europa Capital as we expand on our existing residential expertise through our first investment into the senior living sector. We draw on our significant experience in the living sector more broadly, having been an early mover in the residential space and have assembled a substantial portfolio across build-to-rent and student accommodation since 2013. The senior living sector is supported by strong fundamentals and working alongside our trusted partners Keystone, with whom this is our fifth deal together, and Ailon, who are highly experienced in the space, we look forward to delivering robust returns to our investors.”
Morten Schultz, Partner at Keystone Investment Management, commented: “We are delighted to be invited as partners for this joint venture and proud of the trust that Europa Capital and Ailon are putting in us to develop this interesting property. We are keen on making sure that this development becomes a highly valued addition to the local community.”
Lucy Jennings, Director at Ailon Group, commented: “Senior living is an emerging asset class in Denmark with demand spurred by strong demographic trends. There is considerable opportunity for growth and innovation in the sector. This is a very exciting project and will be a building with character in Helsingor”.
