The JV will develop a c. 5,300 sq m complex with 58 assisted living units let to Attendo, a leading Nordic care provider, and 108 private build-to-rent units that will be specifically adapted for seniors with completion expected in Q1 2023.

The development is located in Helsingør, north of Greater Copenhagen and enjoys a growing and affluent population and a historic city centre with significant on-going and planned public and private investments.

Savills and its Danish associate Nordicals advised the JV on the acquisition.

Hugo Black, Partner at Europa Capital, commented: “This acquisition provides an excellent opportunity to convert a former hospital into state-of-the-art senior accommodation and it marks an exciting milestone for Europa Capital as we expand on our existing residential expertise through our first investment into the senior living sector."

Lucy Jennings, Director at Ailon Group, commented: “Senior living is an emerging asset class in Denmark with demand spurred by strong demographic trends. There is considerable opportunity for growth and innovation in the sector. This is a very exciting project and will be a building with character in Helsingør.”

Aurelio Di Napoli, Director, Savills Operational Capital Markets, said: “According to RCA data, investment into senior housing and care homes totalled nearly €1.9 billion in the Nordics (Denmark, Finland, Norway and Sweden) last year, double what was invested in 2019, and that positive sentiment has continued in 2021.

International investors are increasingly attracted to the region which has one of the continent’s most affluent populations together with supportive fundamentals, an ageing population and limited supply of suitable housing.”