CBRE Global Investment Partners (CBRE GIP) announces the acquisition of Sølvgade Complex Student Accommodation, Copenhagen. The asset was acquired on behalf of one of its separate account clients and the vendor was Norden.
The acquisition is another example of CBRE GIP entering into a programmatic venture with an operating partner. Triton Development North will partner CBRE GIP in this venture and will be the local operating partner and property manager, managing the property under its ‘BaseCamp’ brand.
The prime student accommodation comprises 463 units and is located in the heart of Copenhagen. A comprehensive redevelopment and refurbishment project has just been completed ready for students at the start of the new academic year.
The historic building, built in 1771, was originally used as military barracks and was then converted into office use in 1926. It is the most attractive student accommodation scheme in Copenhagen and is ideally located in the town centre, 600 metres from the city’s main transport hub Nørreport Station and opposite to King's Garden.
The University of Copenhagen Housing Foundation has taken half the units on an eight year lease and the other half will be direct let to students by the operator.
Alexander van Riel, Head of Continental Europe, CBRE Global Investment Partners commented: “We have acquired a truly prime asset and our first student accommodation in Scandinavia. The acquisition is in line with our global strategy to establish programmatic ventures with best in class, sector specialists.
We are confident that with the undersupply of student accommodation in Copenhagen and Triton’s expertise in this sector, we have acquired a stable income producing asset with strong rental growth prospects.”
CBRE Global Investment Partners was advised by Savills, Plesner, PwC and Houthoff Buruma.
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About CBRE Global Investment Partners
CBRE Global Investment Partners is the division of CBRE Global Investors that delivers investment solutions customised for clients’ individual objectives by constructing portfolios using private funds, secondaries, co-investments and joint ventures, partnering with leading operators and fund managers for each strategy. Investments cover the risk spectrum from core to enhanced, can be global or regional in nature, and use a variety of investment vehicles based on clients' preferences. GIP has $13.8 billion in assets under management* as of June 30, 2016. CBRE Global Investment Partners’ AUM includes investments in programs managed by the direct side of CBRE Global Investors. CBRE Global Investment Partners Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority (FCA).
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $88.6 billion in assets under management* as of June 30, 2016. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors' presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.