LaSalle Investment Management (“LaSalle”) has completed the acquisition of a prime new-build residential asset in Frederiksberg (Copenhagen), on behalf of its open-ended pan-European LaSalle E-REGI fund.
The transaction represents LaSalle E-REGI‘s first investment in a residential property in Copenhagen, exemplifying the Fund‘s appetite for best-in-class residential assets in Europe’s key cities. It follows the recent acquisition of ‘Lacus Quartier’ in Berlin, which provided a strategic foundation for further growth in the residential sector for the Fund. Copenhagen, underpinned by its strong fundamentals and buoyant growth forecast for disposable income, was ranked as the eighth strongest city in LaSalle’s 2021 European Cities Growth Index and is earmarked as a key market for LaSalle.
The property is located on H.C. Ørsteds Vej in a vibrant residential area of Frederiksberg, in central Copenhagen. The location provides excellent public transport access with a bus stop directly in front of the property and a metro station less than five minutes’ walk. It benefits from close amenities, such as Frederiksberg High Street, as well as the pedestrianised District of Copenhagen and recreational and green areas such as The Lakes and the “Assistens Cemetery” park. Additionally, the Forum, which hosts many concerts and art exhibitions, as well as both Copenhagen University and Copenhagen Business School are located nearby.
Built in 2019, the asset currently operates with very low carbon emissions and boasts an exceptional energy efficiency rating, which is supported by rooftop solar panelling. The building comprises over 3,800m² with 24 high-quality residential apartments which range from one to six rooms and a ground-floor commercial unit which is currently let to leading Danish grocery store chain Netto. The property also holds 40 parking spaces.
Uwe Rempis, Managing Director and Fund Manager of LaSalle E-REGI, commented: “This acquisition marks a key milestone in the Fund’s strategy to further diversify its country and asset allocation by adding its first Danish residential property. The asset’s location, combined with its strong sustainability credentials and the robust demand for residential space in central Copenhagen, is projected to drive strong long-term rental income.”
Jérôme Hamelin, Head of Transactions Western Continental Europe at LaSalle, added: “The asset is characterised by its strong fundamentals in a central urban location with excellent connectivity and amenities. In addition to being a high quality, resilient asset in a highly sought-after residential area, it also supports the Fund’s ESG strategy with its state-of-the-art energy efficiency characteristics.”
LaSalle was advised on the transaction by Keystone Investment Management, who will assist in managing the asset, Accura (Legal), X-Project (Technical) and KPMG (Tax). EDC advised the vendor on the sell-side.
About LaSalle Investment Management
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, we manage approximately $82 billion of assets in private equity, debt and public real estate investments as of Q2 2022. The firm sponsors a complete range of investment vehicles including open- and closed-end funds, separate accounts and indirect investments. Our diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. For more information please visit www.lasalle.com and LinkedIn.
NOTE: This information discussed above is based on the market analysis and expectations of LaSalle and should not be relied upon by the reader as research or investment advice regarding LaSalle funds or any issuer or security in particular. The information presented herein is for illustrative and educational purposes and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy in any jurisdiction where prohibited by law or where contrary to local law or regulation. Any such offer to invest, if made, will only be made to certain qualified investors by means of a private placement memorandum or applicable offering document and in accordance with applicable laws and regulations. Past performance is not indicative of future results, nor should any statements herein be construed as a prediction or guarantee of future results.
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