Heimstaden Acquires 105 Residential Units in Copenhagen

Denmark — Heimstaden AB has, through its Danish subsidiary Heimstaden Danmark A / S, have entered into an agreement to acquire a portfolio of 105 residential units in the area of Frederiksberg in Copenhagen.

2016-10-12

The acquisition is made through a company transaction, and consists of 105 condominiums located in three buildings. The total living space is approximately 9500 square meters with an occupancy rate of approximately 100 percent and gross rent amounts to approximately MDKK 12 (EUR 1.6M).

Sellers are NSF Denmark ApS (part of NREP fund) and North Invest ApS and the purchase price is approximately MDKK 329 (EUR 44M). The acquisition will be financed partly with cash and partly through mortgage loans of approximately MDKK 185 (EUR 25M).

"We now add additional well located housing units in the Danish capital to our portfolio. Following the acquisition, we own about 1100 condominiums and believe in a continued positive market development in Copenhagen," says Magnus Nordholm, EVP Heimstaden.