Europa Capital’s value add fund will convert a hospital into state-of-the-art senior housing to capitalise on highly supportive demographic trends.
Europa Capital, the pan-European real estate investment manager, announces the acquisition of a senior living development project in Helsingør, Denmark, on behalf of its latest value add fund, which is line with Europa Capital’s strategy of expanding into the broader living sector.
The project will develop c. 5,300 sq m complex with 58 assisted living units let to Attendo, a leading Nordic care provider, and 108 private build-to-rent units that will be specifically adapted for seniors. The c. 14,200 sq m site will also include a commercial unit, which is expected to become a GP surgery. Construction is underway, with completion expected in Q1 2023.
The development is located in Helsingør, north of Greater Copenhagen in the “Capital Region” of Denmark, closely linked with Copenhagen and the rest of the region through an extensive road grid and public transport network. As the fourth-largest city on Zealand, Helsingør enjoys a growing and affluent population, a vibrant and historical city centre, a green natural setting as well as several on-going and planned public and private investments. As with Europe more broadly, the senior living sector in Denmark benefits from supportive fundamentals, with an ageing population and limited supply of appropriate housing.
The project builds on Europa Capital’s long-standing track record in the living sector, which represented 80% of its transactions activity in 2020. To-date, Europa Capital has invested c. €1 billion into PRS and student accommodation, totalling over 10,500 beds across the UK, Spain, Denmark and Germany.
Hugo Black, Partner at Europa Capital, commented: “This acquisition provides an excellent opportunity to convert a former hospital into state-of-the-art senior accommodation and it marks an exciting milestone for Europa Capital as we expand on our existing residential expertise through our first investment into the senior living sector.”
“We draw on our significant experience in the living sector more broadly, having been an early mover in the residential space and have assembled a substantial portfolio across build-to-rent and student accommodation since 2013. The senior living sector is supported by strong fundamentals and we look forward to delivering robust returns to our investors.”
