The sales contract represents the largest Danish commercial real estate transaction in 2021
MINNEAPOLIS, December 16, 2021 / PRNewswire / – Castlelake, LP (âCastlelakeâ), a global alternative investment manager with 16 years of experience investing in asset-rich opportunities, today announced that it has entered into an agreement to sell of BoStad, a leading Danish residential real estate company. with around 1,750 rental units in major cities across Denmark, at AP Pension.
Castlelake became the majority shareholder of the residential real estate company in april 2019 and guided its transformation through accretive strategic and operational initiatives to position the company as a leading developer and manager of Danish residential properties. These initiatives include the installation of an experienced management team, the restructuring of the company’s financing and the sale of secondary assets, as well as the addition of new high-quality residential assets to the company’s portfolio.
âWhen we acquired what is now known as BoStad in 2019, we saw an opportunity to unlock its potential by simplifying its capital structure and optimizing its team and portfolio,â said Evan carruthers, Managing Partner and Chief Investment Officer of Castlelake. “We are delighted to be able to invest in these high quality assets and congratulate AP Pension on its acquisition of what we believe to be a differentiated company and portfolio of assets.”
Castlelake has a strong history of investing in Europe, where it has acquired more than 7,000 assets in 12 European countries since its creation in 2005. Castlelake’s experience in land and real estate investments in Europe includes an investment in Millenium Hotels Real Estate, a real estate investment company listed specializing in luxury hotel properties in Spain and Portugal; Prodea Investments, the largest Greek real estate investment company; and Aedas Homes, one of the largest Spanish home builders.
CBRE acted as Castlelake’s sole financial and real estate advisor for this transaction.
Castlelake, LP is a global alternative investment manager focused on investments in real assets, specialty finance and aviation. Founded in 2005, Castlelake manages approximately $ 20 billion in assets on behalf of its investors. The Castlelake team includes more than 200 experienced professionals, including 89 investment professionals, located in six offices in North America, Europe and Asia. For more information, please visit https://www.castlelake.com/.
Castlelake Media Relations
+1 612 851 3083
Prosek Partners for Castlelake
+1 212 279 3115
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SOURCE Lake of the Castle