Invesco Real Estate has announced its first Danish acquisition and has also agreed a forward-funding deal to buy a fully-let 85,000sqm logistics asset in the Netherlands.
Invesco said, on behalf of one of Invesco鈥檚 German separate account clients, it has paid DDK520m (鈧�60m) to acquire the 191 apartments being developed in Gr酶nttorvet in Valby, a residential submarket in West Copenhagen.
In the Netherlands, the $80.3bn (鈧�73.1bn) manager has forward-funded the VEN03 distribution centre in Venlo, from developer Somerset Capital Partners. The fully-let asset is due for completion in April 2020.
John German, managing director - residential investments at Invesco, said: 鈥淲e continue to see a lot of opportunity in the European residential space, and we鈥檙e really pleased to have acquired this asset in a new market for us, as part of our wider efforts to broaden our European residential footprint.
鈥淐openhagen鈥檚 rental market has grown at around 4% annually over the past 10 years, and we expect future demand will continue to exceed the supply of modern residential products, so anticipate upward pressures on rental levels that will contribute to stable and growing long-term income.鈥�
Fabian Manegold, senior director 鈥� transactions for Germany, Austria and The Netherlands at Invesco, said: 鈥淲ith its strategic location along the border of Germany and on some important trading routes, this [VEN03 project] investment sits at the heart of Europe鈥檚 logistics infrastructure and represents a significant new investment for us in the Dutch market.鈥�
