Patrizia Immobilien AG has acquired the ‘Library Park’ project in Aarhus, Denmark, for one of its pan-European residential funds, ‘Patrizia Europa Wohnen I’. The purchase price will not be disclosed. The project will be handed over turnkey in mid-2020.
This acquisition is the latest in a series of core and core-plus purchases made across Europe on behalf of the Europa Wohnen I fund, which has a target of €500m and has a current volume in excess of €300m. Recent acquisitions include a 29-unit residential property in Madrid, the ‘Marble City’ portfolio together with another the residential development acquisition in Denmark’s capital Copenhagen, a residential development in The Hague in the Netherlands, and the Honey Park acquisition in the Greater Dublin area of the Republic of Ireland.
Once completed, the Library Park site will feature 85 residential units, a 508-bed boutique hotel and two to four retail units – a total of around 11,800m² of lettable space spread across two properties – plus 72 parking spaces, 60 of which are underground. It is conveniently located in the city centre of Aarhus, close to its numerous shopping and leisure activities, and sits adjacent to the Aarhus Canal, which runs through the city serving as a recreational and entertainment destination.
Peter Helfrich, Patrizia’s Regional Head North-West Europe, commented: “This investment was the opportunity to acquire a new, high-quality set of properties which will enable our clients to benefit from Aarhus’s strong rental housing market, characterised by excess demand, reflected in a very low to non-existent vacancy rate. In addition, demand for rooms in the city’s hotel market has continued to increase over recent years while a recent feasibility study concluded that there is a need for a boutique hotel in Aarhus. All in all, this is an investment that will deliver the long-term reward.”
