Three Lakes Capital enters the market at a time of significant recalibration.

“We see some of the most attractive investment conditions since the aftermath of the GFC,” notes Christopher Aandahl. “Prices have generally corrected by 20-30 percent, and transaction volumes are down 50 percent from their peak. Meanwhile, the Danish economy is one of the best performing in Europe with a 3.6 percent GDP growth in 2024. This creates unique opportunities for investors with the right strategy and local insights.”

Denmark has historically been heavily dominated by international capital making up over 50 percent of transaction volumes. This share dropped significantly in recent years in a flight to home trend but rose during 2024 and is set for a stronger comeback in 2025 as investors eye some of the strongest fundamentals across Europe. Denmark stands out for its economic resilience, strong population growth, and favorable financing conditions.

The Danish real estate sector maintains a healthy balance between supply and demand, offering stability amid broader market fluctuations. This is especially the case for residential properties in the Copenhagen area, where the supply/demand imbalance combined with strong wage growth and limited regulation provides a solid foundation for attractive risk-adjusted returns in today’s market.

Drawing on their deep roots in the Nordic region and international outlook, Three Lakes Capital aims to deliver risk-adjusted returns while creating lasting value for investors and communities alike.

“We are leveraging our deep network and data-driven insights to identify and execute opportunities others might overlook,” says Anne Sofie Vett Raaschou. “Our combined experience in real estate investments across different markets and economic cycles gives us the strategic insight needed to navigate the current environment and unlock new opportunities.”

Aandahl and Vett Raaschou bring impressive credentials to the venture. Vett Raaschou, formerly Investment Director at Nrep, has overseen transactions totaling over EUR 2 billion, with key roles as Head of Investments at Pears Global Real Estate Denmark in addition to roles at Colliers’ Capital Markets and Maersk’s Global Corporate Real Estate. Aandahl, with a track record of over EUR 1 billion in transactions across diverse segments and risk profiles, has held positions at Nrep, Catella Corporate Finance, and the management consulting firm Kearney.

At the heart of Three Lakes Capital’s strategy is an integrated, end-to-end approach. The team operates across investment management, asset management, and transaction advisory, driving processes from sourcing to exit. Their hands-on involvement in complex transactions—from buy-side advisory to privatization strategies—ensures a holistic view and agile execution.

“Our approach is data-driven and product-focused, yet what truly differentiates us is our ability to translate local market dynamics into scalable and institutional investment strategies and then leverage our buyside experience to help execute them,” says Vett Raaschou. “We’re excited to collaborate with investors who see the potential in this evolving landscape.”