Patrizia has sold a residential property in Copenhagen, Denmark to CBRE Global Investors, on behalf of its institutional clients. The sale price was not disclosed.
Patrizia said the sale reflects the opportunity taken by Patrizia to take advantage of a strong local market for residential assets, which have shown resilient performance throughout the COVID-19 pandemic.
Marmorvej19-49, part of the residential development Marmorbyen, a harbourside location in Nordhavn, comprises 128 prime residential units providing 13,469 sqm of accommodation, alongside four commercial units. The entire residential development Marmorbyen with a total of 259 units was acquired by Patrizia in 2017.
“The successful completion of this transaction is a testament to the strength of our relationships on the ground in Denmark, allowing us to crystallise this investment to deliver attractive returns on behalf of our investors. During its ownership Patrizia has continuously and with success focused on reducing the vacancy rate and increasing the rent level on asset. While we continue to see opportunities in the Danish residential market and are targeting further investments, we believe that the current market provided the right conditions to sell this property,” said Louise Hertz, Country Manager, Patrizia Denmark.