The PBSA assets, completed in three phases from 2020 to 2023, comprises 494 units across the three assets. The PBSA assets are unique in their quality, modern and furnished characteristics, and differentiated amenities on-site. The assets are located in an established residential area in close proximity and with excellent transportation links to Copenhagen’s city centre, providing easy access for students to all of Copenhagen’s major universities, including Copenhagen Business School, meeting demand for student accommodation in a market characterised by structural undersupply. All properties have EPC rating A and are in the process of being DGNB certified.


KKR is making the investment through its European Core+ Real Estate strategy, which focuses on thematic investments in high quality, substantially stabilised assets with long-term growth potential. Keystone, the Danish residential specialist, will act as the local operating partner and brings significant experience in managing similar assets in nearby locations over recent years. KKR and Keystone will continue to cooperate with the Danish student accommodation operator, The Mark, for property management of the assets.


Alexander Thams, Director and Head of Nordics Real Estate for KKR, said: “We are delighted to announce this acquisition which builds on our ambitions in Nordic real estate, following our recent investments in Finland, Denmark and Sweden. The PBSA assets in Copenhagen are significantly high-quality and well- amenitised to uniquely serve the strong student population in the city. We look forward to continuing to build a sizeable housing portfolio in the coming years, capitalising on Copenhagen’s favourable supply and demand dynamics.”


Ian Williamson, Head of Core+ Real Estate in Europe at KKR, added: “This transaction is a great addition to KKR’s European real estate platform and our Core+ strategy, where we are targeting attractive structural dynamics and strong market trends. PBSA is an important part of our Core+ strategy, and this acquisition’s high quality and modern characteristics aligns well with the demand in Copenhagen, a significant university city which is structurally undersupplied.”


Thomas Mølhave Jacobsen, Partner and CIO at Keystone, further added: “We are very pleased for the opportunity to work with KKR on optimizing this well-located asset. PBSA requires a meticulous focus on letting processes and managing amenities, a challenge that aligns perfectly with our expertise. Moreover, the location presents promising opportunities, mirroring our conviction in a number of local areas in Greater Copenhagen at present.”


The transaction builds on KKR’s strong track record in residential real estate and local expertise in the Nordic region, a key growth market for KKR’s European Real Estate platform. KKR’s recent Nordic Real Estate investments include the acquisition of a high-quality rental residential portfolio in both Finland and Denmark, as well as the acquisition of a prime last-mile logistics property in Sweden. Vertically, KKR’s European PBSA portfolio further includes assets across the UK.


KKR was advised by Gorrissen Federspiel (legal), Deloitte (tax and financial due diligence), WSP (technical) and Keystone. TPG Angelo Gordon has developed the high-quality PBSA asset with the Danish developer, SquareMeter, and has been advised by Nordanö and Eastdil Secured in the divestment process, as well as by Lund Elmer Sandager (legal), PwC (tax and financial vendor due diligence) and Niras (technical).