Heimstaden Makes Major Acquisition in Denmark

Denmark Denmark Heimstaden has acquired a Danish portfolio with residential properties in five regions. The transaction price is EUR 343M.

2017-09-22

Share via e-mail

Heimstaden through its Danish subsidiary Heimstaden Danmark A / S entered into an agreement with Ares Management concerning the acquisition by a company transaction of 26 existing properties and four construction projects. The properties are geographically distributed over the greater Copenhagen (5 properties), Aarhus (5 properties), Odense (8 properties), Sealand (8 properties) and the triangular region (4 properties).
 
The entire portfolio, including construction projects, consists of 1,546 residential units spread over approximately 151,000 square meters. The construction projects are expected to be ready for occupancy between Q3 2017 and Q2 2019.
 
Estimated net operating income (NOI) including construction projects amounts to MDKK 134 (EUR 18M) and the agreed purchase price amounts to DKK 2.925 billion (EUR 393M). The acquisition will be financed with cash and by mortgage credit financing.
 
"Heimstaden has quickly managed to grow significantly in Greater Copenhagen and interest in finding a geographically diverse portfolio has been included in the strategic objective for some time. The portfolio of Ares Management offers meets our requirements well and gives us, among other things a very interesting exposure to two exciting cities, Aarhus and Odense. The entire portfolio is of high quality and modern with an average age of approximately six years. We are proud to have the opportunity for continued growth also outside Copenhagen and look forward to building on the brand Heimstaden in Denmark," says Magnus Nordholm, deputy CEO of Heimstaden.
 
Gorrissen Federspiel has acted as legal advisor to Heimstaden in the transaction.
 




Axel Ohlsson
axel@nordicpropertynews.com




Herning Center Changes Owner

Denmark Denmark Danske Shoppingcentre, a JV between ATP Ejendomme and Danica Ejendomme, acquires Herning Center, making it their 17th Danish shopping center.


Continued Swedish Interest in the Danish Market

Denmark Denmark Several Swedish investors have entered the Danish market lately and contributed to the Danish market has increased by 57 percent in transaction volume. Mikael Söderlundh, Head of Research at Pangea Property Partners, tells Nordic Property News about the Danish increase and why the Swedish interest in Denmark looks to remain high.

Three Companies to Develop New Block in Aarhus

Denmark Denmark Dansk Boligbyg, Sweco and Pluskontoret to develop new 9,265 sqm project in Aarhus.

Herning Municipality Buys From Blue Cross

Denmark Denmark The municipality has reached agreement with Blue Cross Denmark about the price of buying properties in Herning, which houses a heating room. With the demolition of existing buildings, the project is impacting almost MDKK 6.

Klövern's Investment Goal for the Hot Danish Market

Denmark Denmark Klövern keeps up the pace in Denmark. After the company’s second acquisition, CEO Rutger Arnhult tells Nordic Property News of his views on the Danish market and what real estate volume they want to reach in Denmark.


Klövern Makes EUR 99M Acquisition in Copenhagen

Denmark Denmark Klövern has acquired four office properties in Copenhagen for an underlying property value of MDKK 735 (EUR 99M).

TK Development Appoints New CEO

Denmark Denmark Søren Kempf Holm named new CEO of TK Development.

PWC to New HQ in Copenhagen

Denmark Denmark PWC moves its Danish headquarters to Marmormolen, where By & Havn has just sold the building rights.

High-Rise Building Construction in Copenhagen

Denmark Denmark Züblin has signed a turnkey contract with Carlsberg Byen in Copenhagen regarding the erection of the block’s second tallest high-rise building. The building of 39,800 sqm consists, among other things, of an 80-meter tower.

Balder Makes Green Push in Copenhagen

Denmark Denmark Marcus Hansson, CFO of Balder, tells Nordic Property News why the company choses a green focus in new Copenhagen projects.