Invesco has acquired the exclusive rights to a new development of prime, Class A residential Private Rented Sector (PRS) asset located in Ishoj, Greater Copenhagen. The scheme was developed by the Becker/Nielsen Group. Ved Vandet comprises 133 new build apartments with an average size of 84m² split over five buildings of between two and eight floors, totalling 11,220m² along with 133 car parking spaces and 200 cycle spaces. The project is to be delivered on a turnkey basis and is expected to be complete by December 2022. The development prioritises sustainability measures such as DGNB certificates as well as relevant property technology solutions to create a competitive advantage in the market.
The scheme is located less than 1 km from Ishoj’s centre as well as Ishoj Station from where nine S trains depart per hour towards Copenhagen’s Central Station. It is also located close to the upcoming light rail which is scheduled to open in 2025. Local facilities also include a grocery store, school, daycare centre, park and sports facilities, all within one kilometre of the property.
John German, Managing Director - Residential Investments, Invesco Real Estate, said: “This acquisition further enhances Invesco Real Estate’s exposure to both the Danish residential investment market and the wider European PRS sector at a time when we are seeing strong asset class growth based on the highly attractive fundamentals that continue be present in the sector despite the impact of the COVID-19 pandemic over the last 12 months. Ved Vandet is an excellent addition to our client’s growing portfolio of diversified assets across Europe.”
Jacob Smergel-Krog from RUBIK Properties said: “We are pleased to complete yet another acquisition of a residential development project in Greater Copenhagen with the team at Invesco Real Estate. We expect high risk-adjusted returns in a market trading at attractive yields compared to other major European cities.”
Thomas Fredborg Nielsen, CEO Becker/Nielsen, said: “It has been a pleasure to work with both RUBIKProperties as well as Invesco on the completion of this transaction. The process has been characterized by a high level of professionalism on both sides, and we are pleased to have concluded the sale of this attractive project asset to market-leading players.”