Invesco’s real estate arm has invested in a residential project in Denmark on behalf of an unnamed Danish entity for an undisclosed sum – it is its third such acquisition in the last ten months.
The investment, a new-build comprising 65 units still to be completed, is located in Grønttorvet, a western Copenhagen neighborhood undergoing redevelopment.
The site is being developed by Danish real estate firm FB Gruppen, which is attempting to turn the old Grønttorvet area into a modern residential district with an emphasis on “sustainability, the local community and families, and affordable rents”. The regeneration scheme aims to deliver around 2,500 homes by next year.
Once completed, the Grønttorvet development will include a central garden with underground parking, rooftop amenities and individual courtyards, a kindergarten and school as well as elderly care facilities. Sustainability initiatives include solar panels and sedum on the roof, and the widespread use of recycled building materials.
According to John German, managing director of residential investments at Invesco, Denmark’s residential market is still relatively new for the firm.
This is the firm’s second investment in this particular scheme, following the acquisition of 191 apartments last October. Invesco also completed another residential transaction in central Copenhagen around the end of 2019.
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