Ved Vandet has beenacquired on behalf of Invesco’s strategic opportunities investment programme, and consists of 133 new build- apartments with an average size of 84 sqm split over five buildings of between two and eight floors, totalling 11,220 sqm along with 133 car parking spaces and 200 cycle spaces.  The project is to be delivered on a turnkey basis and is expected to be complete by December 2022. The development prioritises sustainability measures such as DGNB certificates  as well as relevant property technology solutions to create a competitive advantage in the market.

Ved Vandet, in the Ishøj district of Copenhagen, is located less than 1 km from Ishøj’s centre as well as Ishøj Station from where nine S trains depart per hour towards Copenhagen’s Central Station. It is also located close to the upcoming light rail which is scheduled to open in 2025.  Local facilities also include a grocery store, school, day care centre, park and sports facilities, all within one kilometre of the property.

The property has easy access to recreational areas being located only 1.5 km from the beach and thus close to the Beach Parks of Ishøj-, Hundige- and Vallensbæk.  The art museum Arken is 2.5km from the property.

High-quality residential assets in Copenhagen continue to be highly sought after. Growing unaffordability in Copenhagen’s centre - where rents are the 7th most expensive in Europe - coupled with strong regulation on home buyers are forecast to increase rental demand in Greater Copenhagen locations where prices can be almost half of that in the city centre.

John German, Managing Director - Residential Investments, Invesco Real Estate, said:

“This acquisition further enhances Invesco Real Estate’s exposure to both the Danish residential investment market and the wider European PRS sector at a time when we are seeing strong asset class growth based on the highly attractive fundamentals that continue be present in the sector despite the impact of the COVID-19 pandemic over the last 12 months. Ved Vandet is an excellent addition to our client’s growing portfolio of diversified assets across Europe.”

Jacob Smergel-Krog from Rubik Properties said:

“We are pleased to complete yet another acquisition of a residential development project in Greater Copenhagen with the team at Invesco Real Estate. We expect high risk-adjusted returns in a market trading at attractive yields compared to other major European cities.”

Thomas Fredborg Nielsen, CEO Becker/Nielsen, said:

“It has been a pleasure to work with both Rubik Properties as well as Invesco on the completion of this transaction. The process has been characterized by a high level of professionalism on both sides, and we are pleased to have concluded the sale of this attractive project asset to market leading players.”