Munich / Frankfurt am Main, January 13, 2024
Invesco Real Estate, the global real estate investment arm of Invesco Ltd. (NYSE: IVZ) with EUR 80 billion in assets under management, has acquired two residential properties in the affluent Ballerup submarket in the Greater Copenhagen area for a single European residential real estate mandate on behalf of a German institutional investor. The property was acquired in cooperation with RUBIK Properties, a leading real estate operator in Denmark
High-quality residential real estate in Denmark remains in high demand, and we are pleased to be able to further expand our presence in one of the most attractive European PRS markets for us, the Greater Copenhagen area.
The seller of the two high-quality new-build properties with a total area of c. 14,900 m² and 186 units is FB Gruppen, a leading Danish property developer. One of the properties was completed in June 2024; the second in December 2024. The first property was sold fully let.
Both buildings have green roofs with solar panels and are expected to receive DGNB Gold certification[1]. They have also received the EPC rating[2]“A2020”, the latest and highest rating in the Danish market. The sustainability features of the properties include smart meters to record consumption data and an efficient district heating supply.
With a population of approximately 2.1 million people, the Greater Copenhagen area has experienced strong growth over the past decade, which has led to a significant excess demand for housing. Ballerup has become a popular residential area, particularly appreciated for its proximity to Copenhagen city centre, high-quality local facilities and a strong employment market. A new light rail line, which is scheduled to go into operation in 2025, will further improve the connection.
The underlying objective of the mandate is to build a diversified pan-European residential real estate portfolio that generates sustainable distributions and an attractive total return by investing in high-quality PRS properties[3] in prime European cities. The mandate underlines the attractiveness of the European PRS market as well as Invesco Real Estate’s long-standing track record in the European residential real estate sector.
Overall, the acquisitions in Ballerup are the third transaction for the mandate of the German institutional investor in the last three months. The first transaction was for the acquisition of 160 residential units in Madrid, and the second was a forward funding deal for the acquisition of a 99-unit residential project in Beaulieu Park in Chelmsford, UK. Invesco intends to close at least one additional residential real estate transaction for the mandate this quarter.
Rob Johnston, Managing Director, Head of Investments, UK & Nordics at Invesco Real Estate, said: “High-quality residential properties in Denmark remain in high demand and we are delighted to be able to further expand our presence in one of the most attractive European PRS markets for us, the Greater Copenhagen area. With the right properties, investors in Copenhagen can achieve high risk-adjusted returns in a market with attractive initial yields compared to other major European cities.”
Jacob Smergel-Krog, Founder and CEO of RUBIK Properties, said: “We are delighted to be working with the Invesco Real Estate team again to support the acquisition of these two residential projects in Denmark. Residential real estate remains a compelling asset class that offers strong risk-adjusted returns. Our focus remains on tenant-oriented properties and prime locations, where we see the greatest demand.”
“We are pleased to be working with Invesco Real Estate and RUBIK Properties again. The negotiation process benefited from the strong synergies from our previous transactions and we are always happy when strong and professional partners express interest in other projects in our portfolio,” said Hans-Bo Hyldig, CEO of FB Gruppen.
1 DGNB = German Sustainable Building Council
2 EPC = Energy Performance Certificate = Energy Performance Certificate
3 PRS = Private Rental Sector
About Invesco
About Invesco Ltd.
Invesco Ltd (Ticker NYSE: IVZ) is a global, independent investment management company dedicated to helping people get more out of their lives. With offices in more than 20 countries, our investment teams offer a full range of active, passive and alternative investment opportunities. As of 30 June 2024, Invesco had EUR 1.6 billion in assets under management for clients worldwide. For more information, visit www.invesco.com/corporate.
About Invesco Private Markets
Invesco has global expertise and extensive resources in the private markets space. With our global investment platform and €117 billion in real estate and private credit assets under management, we offer our investors both scale and deep expertise with over 600 investment professionals in 16 countries and over 40 years of innovative experience.
About Invesco Real Estate
Invesco Real Estate is one of the world’s leading real estate investment firms with €79.3 billion in real estate assets under management, 613 employees and 21 regional offices in the US, Europe and Asia. For over 40 years, Invesco Real Estate has been actively investing across the risk/reward spectrum in direct real estate strategies such as core, debt, value-add and opportunistic, as well as in listed real estate assets for over 400 institutional clients. Invesco Real Estate employs over 191 people in Europe in eight offices in London, Munich, Milan, Madrid, Paris, Prague, Luxembourg and Warsaw. Invesco Real Estate manages 205 properties in 14 European countries with assets of EUR 15.3 billion. The team has a wealth of experience across all three commercial sectors, as well as hotels and residential properties. As of June 30, 2024.
Important information
This press release is intended for use by trade media only.
Please do not spread the word.
Risk Disclosures
Real estate and land can be difficult to sell, so investors may not be able to sell such investments when they want to. The value of real estate is usually estimated by an independent appraiser and may not be realizable. The value of investments and the income from them are subject to fluctuations. This may be partly due to changes in exchange rates. It is possible that investors may not receive back the full amount invested when they return their shares.
Important information
This marketing communication is intended for trade media only. This is marketing material and not investment advice. It is not intended as a recommendation to buy or sell any particular asset class, security, or strategy. Regulatory requirements requiring the impartiality of investment or investment strategy recommendations are therefore not applicable, nor is the ban on trading prior to their publication. Views and opinions are based on current market conditions and are subject to change at any time.
Data as of November 27, 2024, unless otherwise stated.
This document is published in Germany and Austria by Invesco Real Estate Management S.a.r.l., President Building, 37A Avenue JF Kennedy, L-1855 Luxembourg, supervised by the Commission de Surveillance du Secteur Financier in Luxembourg, and in Switzerland by Invesco Asset Management (Switzerland) AG, Talacker 34, 8001 Zurich.
EMEA4059359/2024
