Heimstaden’s Copenhagen shopping spree continues

Heimstaden keeps buying residential properties in Denmark. Its latest acquisition is a property under development containing 111 flats in the Bryggens Bastion area on centrally located Islands Brygge in Copenhagen. The seller is Danish company Bach Gruppen.

The property has a total area of 7,900 sq.m. It is expected to be completed in the summer of 2020. The asset value is DKK 336 million and the deals is made as a company acquisition, financed through existing cash reserves and new loan facilities.

“This project is an excellent supplement to our portfolio and the smaller area-efficient flats enable us to offer optimally located rental apartments at attractive rent levels. At the same time, we achieve good risk-adjusted returns”, Heimstaden’s new CIO Christian Fladeland, comments.

Heimstaden was advised by Gorrisson Federspiel.

Sverrir Thór