Tristan Fund Secures Copenhagen Residential Development Opportunity
Source: Tristan Capital Partners Press Release
14 May 2020, London: Curzon Capital Partners 5 Long-Life L.P., the long life core-plus fund of Tristan Capital Partners has, together with Keystone Investment Management, secured the forward purchase of a 208-unit residential scheme in Copenhagen, Denmark. The turn-key project will be constructed by CASA A/S, who has a long history of delivering high quality residential housing across Denmark.
Located in Kirkebjerg, Glostrup, a rapidly transforming area in western Copenhagen, the site is a 16-minute direct train ride to the city centre. The project stands to benefit from the upcoming light railway that will significantly enhance the connectivity of Glostrup with the Greater Copenhagen area.
Anne-Jan Jager, Executive Director at Tristan Capital Partners, said: “Continued strong population growth and a substantial supply shortage have driven the need for new, energy-efficient, quality rental housing in the greater Copenhagen area. This project will be built in accordance with the highest energy efficiency standards in Denmark, allowing the Fund to qualify for its first green bond financing.
“Working alongside a tier one developer such as CASA A/S and partner Keystone allows us to provide modern, moderately priced rental housing to Copenhagen residents. We are keen on adding similar residential projects to our Nordics portfolio.”
Torben Modvig, CEO at CASA A/S, said: “Our vast experience in developing residential areas like Kirkebjerg allows us to create an attractive turn-key project. Such projects are in high demand in Copenhagen at present and especially in the areas in close proximity to the city centre, such as Glostrup. The development’s innovative, efficient and sustainable design will be built in accordance with Denmark’s high environmental standards (DGNB-Gold) and will receive the highest achievable energy labels.”
Morten Schultz, CEO at Keystone Investment Management, said: “This neighbourhood of Copenhagen is the focus of a major gentrification project that was initiated following the masterplan’s residential zoning approval in 2019. With the addition of a new light railway station and adjacent developments, we expect this area to be one of the fastest growing residential areas in the years to come.”
The project meets all local residential masterplan requirements and is supported by the local municipality. Receipt of building permit and subsequent construction start is expected this year, with phased completion thereafter.
CCP 5 LL was advised by Accura, PwC, CBRE and Emcon.