Europa Capital, the pan-European real estate investment manager, working with Copenhagen based Keystone Investment Management, has completed the acquisition of a further 38 residential units in the Østerbro area of Copenhagen, just north of the inner city, on behalf of its core fund, Europa Diversified Income Fund (“EDIF” or the “Fund”). The 3,467 sqm building at Nygaardsvej 27 is located in the heart of this upscale residential district and is a high quality property with attractive fit out and excellent amenities. The fully leased property, constructed in 2017, was acquired in an off market transaction.
EDIF, which held its first close of €350 million in November, is aimed at international investors and is focused on creating stable and diversified income through investments in the logistics, residential and office sectors. The Fund aims to capitalise on the structural changes of innovation and urbanisation, targeting strong economies in Western Europe, with a focus on France, Germany, the Netherlands and Denmark.
The initial seed portfolio comprised a mix of logistics, residential and office investments and has outperformed its market indices to date, is over 98% occupied and recorded 99.5% rent collection in 2020, demonstrating its resilience during the COVID-19 pandemic. With accretive leverage, the Fund has capital remaining to deploy into further acquisitions to diversify the portfolio. This latest Copenhagen acquisition takes the residential sector exposure to over 30%. Two thirds of the fund income is in the logistics and living sectors, which remain the current focus of its investment strategy.
Source : Europa Capital