Europa Capital, the pan-European real estate investment manager, announces that it has completed the sale of 97 newly built PRS apartments in the Copenhagen suburb of Valby on behalf of its pan-European value add fund, Europa Fund V, to Aberdeen Standard Investments. The financial terms of the transaction are confidential.
The fully leased apartment block was completed at the beginning of 2019 and benefits from excellent transport links into Copenhagen city centre. The Valby Maskinfabrik has undergone significant redevelopment in recent years, converting a former industrial site into a well-established residential area.
Europa Capital has invested significantly in the residential market in Denmark, where it has forward funded the delivery of over 921 units in Aarhus and Valby.
Since making its first acquisition in Valby in 2015, Europa Capital has completed the sale of 369 residential units on behalf of Europa Fund IV to a range of institutional buyers. Europa Capital’s Europa Fund V is invested in a total of 318 units across four residential blocks in Valby and has recently completed the forward purchase of an additional block comprising 127 units with the acquisition of a final block of 94 units due to complete in August.
Hugo Black, Partner at Europa Capital, commented: “Since we acquired our first asset in Valby in 2015, we have witnessed the area’s transformation first-hand and how its development has helped alleviate the housing pressures from Copenhagen’s rapidly growing population.
“The sale of this apartment block is the latest in a string of deals in Copenhagen that have allowed us to take advantage of an attractive and maturing market in the city and crystallise the value we have created on behalf of our investors.”
Europa Capital was advised on the sale by RED.