is adding a 25,000sqm property to its residential portfolio in Denmark.
The global real estate investment manager said it has agreed to a forward purchase deal for a development in Ballerup, the firm鈥檚 fifth residential acquisition in Greater Copenhagen in the past 18 months.
The asset, acquired for an undisclosed sum, was bought on behalf of Invesco Real Estate鈥檚 strategic opportunities investment programme and secured in cooperation with Rubil Properties.
The development will comprise three self-contained buildings, each with around 110 units spread across 8,500sqm.
The Ballerup development will be the third asset that Invesco Real Estate has concluded with developer FB Gruppen, following the delivery of two residential buildings in FB Gruppen鈥檚 redevelopment of Gr酶nttorv in Valby.
Other assets in Invesco Real Estate鈥檚 Greater Copenhagen portfolio include the Mejsehaven asset in Ish酶j and the Dagmarhaven asset in Vallensb忙k.
John German, residential investments MD at Invesco Real Estate, said: 鈥淭he Danish 鈥� and wider European 鈥� BTR sector continues to have a highly attractive, long-term investment profile and we鈥檙e delighted to be once again working with both FB Gruppen and the team at Rubik Properties and expanding our residential allocation to Greater Copenhagen.
鈥淚ncluding the asset in Ballerup, we will have 895 units across the city over 70,000sqm by the end-of 2023, making us one of the largest international investors in the local market.鈥�
Jacob Smergel-Krog from Rubik Properties said: 鈥淭he residential sector in Copenhagen offers high risk-adjusted returns in a market trading at attractive yields compared to other major European cities. Invesco Real Estate鈥檚 continued investment in creating best-in-class assets illustrates the compelling dynamics driving the market.鈥�
鈥淭he negotiation process exploited strong synergies from our previous transactions at Gr酶nttorvet and we are always very happy when strong and professional partners express interest in other projects in our portfolio,鈥� said Hans-Bo Hyldig, FB Gruppen鈥檚 CEO.
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