Saxo Properties and Resolution Property have purchased a DKK51m property in Charlottenlund, near Copenhagen in Denmark.

The property investment arm of Copenhagen-based investor Saxo Bank and Resolution’s pan-European real estate fund have co-invested more than DDK1bn of a targeted DKK1.9bn since their joint venture in August 2011.

This latest acquisition comprises 57 apartments and six shops and is located at 62-64 Ordrupvej, 2 Herthavej and 1A Henriettevej. The total lettable area is 47,000 sq ft.

Through the joint venture, the two investors are targeting residential and commercial buildings that will benefit from intensive asset management.

Jesper Damborg, chief executive of Saxo Properties, said: “The joint venture with Resolution Property has so far proved a success, providing healthy returns. We are soon due to start refurbishing the 14 vacant apartments [in the block] and the rest of the property in Charlottenlund, one of the wealthiest towns in Denmark.”