In the district of Kongens Lyngby, Lyngby-Taarbaeks municipality just north of Copenhagen, Heimstaden has entered into an agreement to acquire an ongoing new construction project. The construction comprising 32 homes of about 110 square meters each will be completed for occupancy during Q4 2018. The seller is Stensdal Group A/S.
 
In total, the projects amounts to about 3 500 square meters and the transaction value to approximately EUR 17.5M. The transaction takes place through the acquisition of companies and is financed with its own cash and mortgage credit financing.
 
"A great addition to our growing portfolio in Copenhagen. In Kongens Lyngby, we have managed to acquire an attractive densification project in existing buildings. These items are normally difficult to find and we are very pleased with this opportunity," said Tom Rasmussen, Head of Asset Management, Heimstaden.

Gorrissen Federspiel has been the advisor of Heimstaden in the transaction.