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 firmβs 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 Estateβs 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 Gruppenβs redevelopment of GrΓΈnttorv in Valby.
Other assets in Invesco Real Estateβs Greater Copenhagen portfolio include the Mejsehaven asset in IshΓΈj and the Dagmarhaven asset in VallensbΓ¦k.
John German, residential investments MD at Invesco Real Estate, said: βThe Danish β and wider European β BTR sector continues to have a highly attractive, long-term investment profile and weβre delighted to be once again working with both FB Gruppen and the team at Rubik Properties and expanding our residential allocation to Greater Copenhagen.
βIncluding 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.β
Jacob Smergel-Krog from Rubik Properties said: βThe residential sector in Copenhagen offers high risk-adjusted returns in a market trading at attractive yields compared to other major European cities. Invesco Real Estateβs continued investment in creating best-in-class assets illustrates the compelling dynamics driving the market.β
βThe negotiation process exploited strong synergies from our previous transactions at GrΓΈnttorvet and we are always very happy when strong and professional partners express interest in other projects in our portfolio,β said Hans-Bo Hyldig, FB Gruppenβs CEO.
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