COPENHAGEN 2018 A safe investment harbour for property investment in the Nordic region - Greater Copenhagen Investments
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COPENHAGEN 2018 A safe investment harbour for property investment in the Nordic region
HELSINGBORG
HELSINGØR
SWEDEN
HILLERØD
LANDSKRONA
Øresund
SKÅNE
DENMARK COPENHAGEN
Nordhavn
Carlsberg
City District The Øresund
Fixed Link
ROSKILDE Ørestad
MALMÖ
Copenhagen
International
Airport
8 KM
CONTENTS We welcome you to Copenhagen 5 Six reasons to establish your business in Copenhagen 6 Why invest in Copenhagen? 8 Copenhagen by facts 10 Copenhagen by graphs 12 The transaction volume in 2017 14 The Danish mortgage system 16 Structured finance 18 Buying real estate 22 Exit options of Danish real estate 24 Development areas in Copenhagen 26 Next step 34 Walkway and apartments. Photo: Gettyimages 3
4 The Bicycle Snake. Photo: Nicolai Perjesi
WE WELCOME YOU TO COPENHAGEN
There are many reasons why to invest in Copenhagen. Here you will find
some of the best property investment opportunities – high yields, low
transaction costs and major urban development areas. Furthermore,
together with a very business-friendly climate Copenhagen is home to
strong networks that get you connected from day one.
In 2018 The Financial Times named the Greater Copenhagen area the
European leader in attracting investors and companies among mid-sized
regions. Spanning Eastern Denmark and Skåne in Southern Sweden,
Greater Copenhagen has public construction projects worth more than
EUR 30bn and property development opportunities in more than 30
urban development areas.
Therefore, we highly recommend you to join Copenhagen, and when you
do we are ready to help you further explore the opportunities for your
investments and show you why Copenhagen is a great place to invest.
Tony Christrup
Chairman of The National Association for Building and Real Estate
5
SIX REASONS TO ESTABLISH
YOUR BUSINESS IN COPENHAGEN
HIGH YIELD on investments EXTREMELY low transaction
costs
A SAFE INVESTMENT HARBOUR
UNIQUE MORTGAGE system
Greater Copenhagen is THE METRO
POLIS OF THE NORDIC REGION with Vast new urban DEVELOPMENT
approximately 4.0 million inhabitants AREAS
6
SOME OF THE MOST ACTIVE FOREIGN INVESTORS
ON THE DANISH REAL ESTATE MARKET
In the past years the Danish commercial real estate
market has become more attractive to foreign
investors. Below an overview of some of the foreign
investors that have been active on the Danish market
in recent years.
Figure 1: Foreign investor volume 2012-2017
Source: Cushman & Wakefield I RED
Heimstaden (Sweden)
Investor
Niam (Sweden)
Patrizia (Germany)
NREP (Sweden)
Standard Life Aberdeen (United Kingdom)
AB Balder (Sweden)
Wihlborgs A/S (Sweden)
Castellum (Sweden)
ECE (Germany)
CapMan (Finland)
Central Group (Thailand)
Pears (United Kingdom)
Blackstone (USA)
Coller Capital (United Kingdom)
CBRE Global Investors (USA)
Europa Capital (United Kingdom)
SG Nordic (Israel)
Akelius Residential Property AB (Sweden)
Cordea Savills (Canada)
Wenaasgruppen (Norge)
DKK Bn
0 3 6 9 12 15
Copenhagen Lakes. Photo: Jacques Holst 7
WHY INVEST IN COPENHAGEN?
In 2017 foreign investors’ property is pegged to the Euro. As a result, Denmark
investment in Copenhagen reached gets an AAA rating by Standard & Poor’s.
approximately EUR 2,500m.
The metropolis of the Nordic region
This is partly due to the fact that
Copenhagen has the advantage of a unique,
Copenhagen is considered a safe strategic geographical location, linking conti-
haven for investors. nental Europe to the rest of the Nordic region.
With its premier location, Copenhagen to-
High yield on investments gether with the Malmö region creates Greater
Yields on investments in Denmark and Copenhagen, a metropolis for the region of
Copenhagen are high compared to other approximately 4.0 million residents.
European countries. An example of favoura-
ble investment conditions is the yield on the Moreover, the region is serviced by Copenha-
best located retail properties in Copenhagen. gen Airport – the main airport and gateway to
Yields in Copenhagen are higher than in Paris the Nordic region. Today, the airport handles
and significantly higher than the best located more than 29 million passengers per year. This
retail properties in London, which combined number is expected to reach nearly 40 million
with the Danish mortgage system, often passengers per year, as the airport will be
results in a substantially higher return on expanding over the next couple of years.
invested capital.
Low transaction costs
A safe investment harbour The transaction costs in Denmark are actually
- Low national debt lower than in most other European countries.
It is fair to say that the concept safe haven Costs in the amount of 5-6% of the cash price
seems to fit Denmark when looking at the are not unusual in other European countries,
national debt. The Danish economy has per- while the level of costs in Denmark is around
formed well before, during and after the finan- 1-2%.
cial crisis. National debt is low, and the Danish
economy is one of Europe’s most robust with Unique mortgage system
tight fiscal control, a current account surplus Denmark is the country in Europe with the
low inflation. Also, the Danish currency (DKK) lowest lending costs for the first 60% of
8
the property value. This is due to the unique New urban development areas
mortgage system where the bank’s typical Copenhagen offers vast, new urban
annual margins are in the region of 0.6-1.25%. development possibilities near the centre
In other European countries, instalments of of the city.
the same size typically accrue 1.0-2.5% as the
bank’s annual margins. Copenhagen’s commercial real estate
brokers always have commercial real
Low transaction costs as well as low lending estate properties and development pro-
costs are both positive factors that boost the jects to offer, and are all able to provide
effective yields significantly on commercial relevant key figures regarding the market
real estate in Denmark. as a service for international investors.
YIELDS FOR PRIME RETAIL
Q4 2017
City Yield
Amsterdam 3.00%
Copenhagen 3.00%
London 2.50%
Madrid 3.30%
Munich 3.00%
Paris 2.50%
Rome 2.75%
Stockholm 3.25%
Source: Cushman & Wakefield I RED
Apartments in Ørestad. Photo: Ty Stange 9
COPENHAGEN BY FACTS
A GLOBAL ‘TOP TEN-CITY’ FOR PUBLIC INVESTMENTS
LIVEABILITY A number of vast public investments
– Mercer 2016 and Monocle 2017 in Greater Copenhagen are underway
in the next ten years, for instance
• The Copenhagen-Germany fixed
link at Femern (EUR 7.5 billion)
COPENHAGEN will become the first • Copenhagen Airport expansion
CARBON-NEUTRAL CAPITAL BY (EUR 1.5 billion)
2025 • Light rail around Copenhagen
(EUR 0.5 billion)
• A Copenhagen Metro City Ring Line
(EUR 2.9 billion)
LOW CORPORATE TAX • ESS MAX IV the world’s most
A corporate tax rate of 22% places powerful neutron source for R&D
Denmark below OECD and European (EUR 2.0 billion).
level
10COPENHAGEN AIRPORT 43% INCREASE IN POPULATION
Northern Europe’s largest international in Copenhagen from 2006 to
airport. Approximately 29.2 million 2030
passengers in total travelled through
the airport in 2017
EUROPE’S BEST AND THE WORLD’S
THIRD BEST COUNTRY FOR DOING
DENMARK CREDIT RATING BUSINESS
AAA – S&P 2017 – The World Bank 2017
The group of CITIZENS IN THE AGE COPENHAGEN IS EUROPE’S 2nd MOST
OF 30-64 is expected to GROW WITH DESIRABLE CITY for property invest-
APPROXIMATELY 56.000 people from ment and development in Europe PwC
2018 to 2030 – ULI 2018
Copenhagen from above. Photo: Jacob Schjørring & Simon Lau 11COPENHAGEN BY GRAPHS
Young families choose Copenhagen hagen will have increased by approximately
More and more families with children are 20% in 2027, which is the same level as other
choosing to move to or stay in Copenhagen. Nordic capitals. This illustrates that the
Consequently, the number of children and Nordic region is experiencing strong popu-
young people, as well as residents between lation growth in the major city regions these
the ages of 30 and 64, will increase faster years. To accommodate this growth, a large
than the city’s population as a whole. See number of residences will have to be built.
Figure 2.
Since the beginning of 2006, net growth in
Many of the new Copenhageners will live the number of residential properties in Copen-
in new housing. Demographic trends also hagen has risen by 20,500. In the same period,
indicate that existing residential areas will be the city’s population has grown more than five
more densely populated, with more children times the additional housing. Only one in every
and young people in the city. five housing units in Copenhagen is owner-
occupied as illustrated in Figure 3. If we are
Population growth demands new housing to prevent prices from accelerating rapidly
As Figure 4 shows, the population of Copen- due to the extensive migration to Copenhagen,
hagen will continue to increase in the years to one measure will be to build many more
come. The population of the City of Copen- residential properties.
Figure 2: Population growth 2015-2030 Figure 3: Breakdown of the number
Source: City of Copenhagen of residential properties
Source: City of Copenhagen
85+
65-84
30-64
Owner occupied 18%
20-29
Private rented 29%
0-19
Social housing 20%
Cooperative housing 33%
0
-5000
5000
10000
15000
20000
25000
30000
35000
40000
12Rooftop café at Illum. Photo: Robin Skjoldborg
Figure 4: The outlook for population growth
Source: City of Copenhagen
160
Index
Copenhagen
Stockholm
150
Oslo
Hamburg
140
130
120
110
100
90
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
13THE TRANSACTION VOLUME IN 2017
Once again, it was an impressive 61% after 2016, where the volume was shared
year for the Danish commercial real equally between Danish and foreign investors.
estate market reaching a new record Investors interested in the office segment
are also seeking towards other areas than the
of EUR 12.3 bn., surpassing last
Copenhagen Area. 36% of the office trans-
year’s transaction volume by approx. action volume came from properties located
EUR 3.2 bn. For the first time, for- outside of the Copenhagen Area, while these
eign investors have dominated with figures were only 14% and 16% 2016 and
a 53% share of the total investment 2015.
volume reaching EUR 6.6 bn. The
Retail
interest has especially been great The retail investment volume has more than
from the Nordic countries. doubled from 2016 to 2017. The volume was
especially driven by the large share of shopping
Residential centre transactions which constituted 57%
Danish investors have dominated the resi- of the volume. The total retail volume in 2017
dential segment the last couple of years, but reached EUR 2.2 bn. The retail segment has
foreign investors now contribute with 61% of always been dominated by foreign investors,
the total residential volume. The residential except for 2017 where the Danish investor
volume reached a total of EUR 5 bn. in 2017. share was 55% contrary to 41% in 2016.
Investors continue to point their attention
towards the Copenhagen Area, but there has
been a shift in the geographical distribution Figure 5: Transaction volume in 2016 in Denmark
as Jutland experienced an increase from Source: Cushman & Wakefield I RED
EUR 0.5 bn. in 2016 to EUR 1.5 bn. in 2017.
40.000
However, the investment volume in Copen-
Mio. EUR
Residential
35.000
hagen is steady with a minor decrease in the Office
30.000
residential volume of 4%. Retail
25.000 Industrial
20.000 Hospitality
Office
15.000 Land
The office segment reached a total volume of 10.000 Other
EUR 2.6 bn. in 2017. Danish investors are once 5.000
again dominating the transaction volume with 0
14Figure 6: Breakdown of investors for Figure 7: Office properties distributed
office properties in Denmark on Danish and foreign investors in Denmark
Source: Cushman & Wakefield I RED Source: Cushman & Wakefield I RED
Institutional Investor 25%
Private Investor 25%
Property fund 22%
Real estate company 16% Danish Investor 61%
Other 12% Foreign Investor 39%
Figure 8: Breakdown of investors Figure 9: Residential properties distributed
for residential properties in Denmark on Danish and foreign investors in Denmark
Source: Cushman & Wakefield I RED Source: Cushman & Wakefield I RED
Institutional Investor 38%
Private investor 38%
Property fund 20%
Real estate company 3% Danish Investor 38%
Other 1% Foreign Investor 62%
Figure 10: Breakdown of investors for Figure 11: Retail properties distributed
retail properties in Denmark on Danish and foreign investors in Denmark
Source: Cushman & Wakefield I RED Source: Cushman & Wakefield I RED
Institutional investor 46%
Private investor 40%
Property fund 8%
Real estate company 3% Danish Investor 55%
Other 3% Foreign Investor 45%
15THE DANISH MORTGAGE SYSTEM
The acquisition of real estate in The Danish mortgage bond market
Denmark is typically financed by The bond market has a volume of approxi-
Danish mortgage banks. mately EUR 390bn and is now the largest
covered bond market in Europe. Bond
investors are primarily financial institutions,
One of the World’s best mortgage finance pension funds and investment funds. The high
systems liquidity and the attractiveness of the bonds
The Danish mortgage model is unique, as due to their high security level ensure
there is a direct match between the loan an borrowers very low and competitive prices.
investor raises with a mortgage bank and
the bonds a mortgage bank issues to fund The interest rate
a loan. It contributes to securing financial The interest rate of a mortgage loan and the
stability because the match funding principle prepayment price are directly reflected in the
largely eliminates risk in the financial sector. price of the mortgage bonds funding the loan.
This connection also forms the basis of a Everyone can monitor bond prices daily, and
transparent and flexible prepayment system. interest rates mirror the prices investors pay
Borrowers may prepay their mortgage loans for the bonds. Danish mortgage banks provide
at any time without negotiating the price mortgage lending at a very competitive
– pre-payment may always take place at price. This has led to a persistent demand for
current market prices. This unique principle mortgage loans from owners of real property
is found nowhere else in the world. in Denmark, and makes the Danish mortgage
market the largest in the world relative to
Credit facilities its GDP. According to the European Mortgage
The credit facilities of mortgage banks are Federation, the Danish mortgage system
governed by statute. The most important offers one of the lowest interest rates to
lending limits are as follows: borrowers across Europe – see Figure 12.
• up to 60% of the market value of
commercial properties, and When being a foreign investor
• up to 80% of the market value of It is important to emphasise that Denmark
residential properties maintains a fixed exchange-rate policy
vis-àvis the euro area. This means that the
16Figure 12: Variable rate and initial fixed period rate up to 1 year
Source: Realkredit Danmark
5
% Variable rate and initial fixed rate up to 1 year
Denmark
Sweden
Germany
Netherlands
4
3
2
1
2010q4
2011q1
2011q2
2011q3
2011q4
2012q1
2012q2
2012q3
2012q4
2013q1
2013q2
2013q3
2013q4
2014q1
2014q2
2014q3
2014q4
2015q1
2015q2
2015q3
2015q4
2016q1
2016q2
2016q3
2016q4
2017q1
aim of monetary and foreign rate exchange • Long credit facilities – up to 30 years.
policy is to keep the DKK stable vis-à-vis the • Transparency in prices and repayment
euro. The main objective of the monetary terms for the loans.
policy in the euro area is to maintain price • No prepayment penalty. The loan can be
stability, i.e. to avoid inflation. prepaid by buying the underlying bonds at
market price.
Key benefits of the mortgage system • Flexibility. Mortgage banks offer fixed-
The strongest benefits of the Danish mort- rate loans, adjustable-rate mortgages and
gage system are: Low competitive market- floating-rate loans.
based pricing of loans against mortgages on
real property.
17STRUCTURED FINANCE
The increasing market for structured Advantages
finance offers investors flexibility The advantages that foreign investors often
and financing terms that are tailor- seek with structured finance in Denmark are
higher leverage, no or low amortization
made to fit the business plan.
and/or payment-in kind. The latter is relevant
for development or conversion projects where
As an alternative to the local mortgage cash flows are limited or absent in typically
financing, the Nordic Corporate Bond Market 1-3 years.
offers tailor-made financing solutions.
Structured finance in Denmark is relevant Process
across all segments and to investors with The Nordic Corporate Bond Market is well
strategies ranging from opportunistic to core. developed, and a complete issue process
18can typically be completed within 6 weeks. tors to achieve the optimal structure that will
Already after 4 weeks most processes will attract investors and secure the best terms
be closed and thus the final terms are deter- available in the market. Depending on the
mined. Afterwards settlement and disburse- actual case, the issued bonds may be listed
ment of funds will take around 2 weeks. on NasDaq First North.
The process will be handled professionally
with cooperation and involvement of the local Nordic Trustee is typically involved as an
legal advisors. experienced representative of the bond
holders which also simplifies communication
Structuring for the issuer.
With expertise from previous bond issues
local investment banks can help foreign inves-
The Tietgen Student Residence in Ørestad. Photo: Nicolai Perjesi 1920
Cirkelbroen. Photo: Kim Wyon 21
VM Bjerget. Photo: Michael Colville-Andersen
BUYING REAL ESTATE
Buying real estate in Denmark When the title document is registered, the
involves considerations regarding buyer’s title will then be protected against the
financing, planning and environmen- seller’s bona fide assignees and creditors.
tal matters, leases, tax, registration
Registration of land
fees, etc. Almost all properties are registered elec-
tronically in the land register under individual
Acquisition rules numbers. Title is registered by electronic ap-
The right to acquire real estate in Denmark plication to the Danish Land Registry. As from
is based on residence. All persons, who have the filing of the application, title is protected
or have had a permanent address in Denmark against subordinated rights holders provided
for a period of five years and companies that that the registration is finalized.
have their registered office in Denmark, are
allowed to acquire real estate. Registration fees
The stamp duty on transfer of real estate
Completion of real estate transactions comprises a fixed amount of DKK 1,660, cor-
Far the most Danish commercial real estate responding to approximately EUR 220, and a
transactions are completed in two stages: variable amount of 0.6% of the purchase price
• The buyer and the seller draw up a contract or the value according to the public land as-
of sale, specifying the terms of their agree- sessment, whichever is the higher. The stamp
ment. duty on registration of mortgages comprises a
• Title of the property is registered with the fixed amount of DKK 1,660 and a variable part
Danish Land Register. of 1.5% of the mortgaged amount.
22Charges affecting property governed by the Danish Business Lease Act.
Two types of charges may affect property: Since the majority of the provisions of the
• Easements that give the holder a right to Danish Business Lease Act are non-mandato-
use or control the property for a limited ry and may therefore be derogated from by
specific purpose. agreement, the Danish Business Lease Act
• Restrictive covenants that give the holder provides a high level of contractual freedom.
the right to require preservation of a
certain condition on the land. Danish residential leases and residential
landlord/tenant law matters in general are
Due diligence governed by the Danish Landlord and Tenant
The due diligence review is typically divided Act and the Provisional Act on Housing Control.
into commercial, legal, technological, environ- Most leases are entered into on standard lease
mental and financial due diligence reviews. agreement formulas, and many provisions are
mandatory according to the Danish Landlord
Seller’s liability for defects and Tenant Act and the Provisional Act on
Generally, the seller is liable for defects Housing Control. These acts include many
on the property or the legal affairs of the mandatory provisions, including clauses which
property, including errors in leases or tenancy define how the rent is fixed for different kinds.
agreements.
VAT
Planning and environmental matters In principle the sale and purchase of real estate
Acquiring real estate in Denmark implies is not subject to Danish VAT (Danish VAT is
some environmental aspects primarily within charged at a flat rate of 25%). However, an anti-
physical planning and soil contamination. The avoidance rule states that VAT will apply if a
Danish Planning Act is a key environmental act building has been substantially rebuilt. The sale
as it regulates planning at national, regional of building sites, the first sale of new buildings
and local levels. Heavily polluting activities or complete with land, as well as the delivery of
facilities that might affect the environment built-up sites will be subject to 25% VAT.
require plan regulations at regional level.
Danish environmental law is based on the Lease of real estate is prima facie not subject
polluter pays principle. to VAT. However, the owner of the real estate
may opt to register the building for VAT pur-
Leases poses, implying that the rent will be subject to
Danish business leases and commercial VAT. The lessee, if a person subject to VAT, will
landlord/tenant law matters in general are then be entitled to deduct the VAT.
23EXIT OPTIONS OF DANISH REAL ESTATE
The same considerations when to The preferred transaction scheme will be to
buy a property in Denmark will be either sell the asset by way of an asset sale or
relevant to consider for a vendor a share deal.
upon a sale of commercial real
It shall be noted that a sale of shares in a
estate in Denmark. Danish property company does not constitute
a sale of the property as such as e.g. in
Selling real estate Germany.
Sale of commercial real estate is usually
handled through Danish real estate agents According to the present Danish tax scheme
by way of structured sales processes. The capital gain on sale of shares in a daughter
advice given will be based upon international company of a Danish holding company may be
standards and majority of real estate agents considered tax exempt. However, the sale of
and other advisors as lawyers and account- such shares is legally wise more complicated
ants are all able to assist fluently in English. and may present a risk in respect of the his-
The major international chains of real estate tory of the property. As a sale of the property
agents are all present in Denmark and are may trigger capital gain and a subsequent
ready to assist on a professional level. a tax payment it should be considered if the
property is sold as an asset or the shares in
Sales may be structured as an asset deals the company holding the property is to be sold.
by way of sale of shares or by way of issuing
additional owners interest in the company Also, it should be noted that a sale of shares
holding the property. More complicated sales may also be deemed exempt from stamp
processes as synthetic sales, preferential duties on the transactions as such.
shares issuing or sales of portfolios by way of
IPO’s has not yet found its way to the Danish
market but otherwise all usual sales process-
es found internationally can be handled by
Danish commercial real estate agents.
24The Bicycle Snake. Photo: Thomas Høyrup Christensen 25
DEVELOPMENT AREAS IN COPENHAGEN
There are several designated development Airport/the Øresund Bridge and the historic
areas close to the centre of Copenhagen. city of Copenhagen, Ørestad is a prime
In this leaflet we choose to focus on three location for international businesses;
significant areas:
• Carlsberg City District that used to house
• Ørestad is a modern district with a blend the Carlsberg brewery, with historical
of businesses, universities, cultural venues buildings to be retained. With new housing,
and housing. Situated between Copenhagen schools and offices Carlsberg City District
will create a unique new neighbourhood;
26• Nordhavn, a former industrial and commer- metres of new construction is developed for cial harbour, is being converted into attrac- housing, offices and shops in the southern tive residential properties and offices with part of Copenhagen Harbour, the eastern part distinctive architecture right at the harbour of Amager close to Copenhagen Airport, and front. areas southwest of the Capital. Apart from these three examples, urban development takes place in several areas in Copenhagen. More than 500,000 square Photo: Copenhagen Capacity 27
ØRESTAD
History Location
The modern city district has been developed Less than 10 minutes from Scandinavia’s
on former military training grounds close to largest airport, 10 minutes to the historic
the city centre. Ørestad was the first devel- city of Copenhagen, and half an hour from
opment area in the region to benefit from the Sweden. In Ørestad you are within easy reach
Øresund Bridge to Sweden and the proximity of everything. Its location at the intersection
of Copenhagen Airport. of transport lines with six metro stations
(running 24/7), direct train service to the air-
Ørestad is a driving force in the reinvention of port and direct access to the highway makes
Copenhagen – a reinvention that brings corpo- Ørestad a regional hub.
rate headquarters, award winning architecture
and even Northern Europe’s largest centrally Ørestad is a second-to-none location for
located nature reserve to the heart of the city. internationally-oriented companies. It is the
region’s fastest growing and most significant
Ørestad has experienced an influx of corpo- business development area, providing perfect
rate headquarters, but is also home to more conditions for recruitment and business part-
than 11,500 residents. Development of the nerships in Denmark and abroad.
local area has resulted in international music
and sports events, world-class architecture, Locating in Ørestad means joining an inter-
playgrounds, schools and safe cycle paths. national business community that continues
Copenhagen’s main convention centre and to grow and develop. Lastly, a new network
three of the largest hotels in Scandinavia are association, Ørestad Innovation City Copen-
also situated in Ørestad. In addition, the IT hagen, has been established. It aims to make
University of Copenhagen, the University Ørestad the most powerful innovation district
of Copenhagen, the Danish Broadcasting in Greater Copenhagen. The association al-
Corporation and Jean Nouvel’s Concert Hall ready has thousands of members and several
are located in Ørestad. professional networks.
The Royal Arena, Copenhagen´s new concert Ownership
and sports arena with room for 15,000 spec- Ørestad is developed by CPH City & Port
tators, has just opened in Ørestad. Development which is jointly owned by the
28Ørestad. Photo: Kontrafram
City of Copenhagen and the Danish state. The Pension, fund managers such as Nordic Real
company sells off land and develops projects Estate Partners (NREP), Solstra Capital Part-
on a commercial basis. ners, and developers such as Arkitektgruppen,
Bonava, Tetris as well as Norwegian Steen &
Volume Strøm and KLP and Swedish Fastighets AB
Nearly two thirds of the district-planned area Balder.
has already been developed and the Northern
and Central parts are almost completed. The Do not hesitate to contact CPH City & Port
total size of the area is 310 hectares, and Development to hear more about the possibil-
approximately 400,000 square metres are ities in Ørestad.
available to investors.
CPH City & Port Development
Current investors www.byoghavn.dk
Current investors are Danish pension funds Phone: +45 3376 9800
such as PensionDanmark, AP Pension and PFA E-mail: info@byoghavn.dk
29Theodora House. Theodora House – Ottilia Jacobsen Square
CARLSBERG CITY DISTRICT
History Scandinavia’s largest airport. Already the
For more than 160 years the site was home new railway station, Carlsberg Station, is the
to Carlsberg Breweries and it is part of the central connection hub and main entrance to
Danish cultural heritage, not least because it the new city district. It is expected to be one
is home to many of Copenhagen’s architectural of the busiest railway stations in Copenhagen
treasures. When the new Carlsberg City Dis- with approximately 24,000 travellers on a
trict is completed, the city district will consist daily basis and just four minutes from the
of densely constructed buildings surrounded Central Station.
by charming spaces and squares with narrow
streets and alleys combined with open green Carlsberg City District will provide approx-
parks and areas, which also contribute to the imately 3,000 residentials, 4,000 parking
unique view from the nine residential towers spaces and 10,000 jobs and a number of retail
ranging from 50 to 120 meters in height. shops, bars and restaurants. All the projects
concerning offices and retail will be offered to
Location investors, both international and local, either
Carlsberg City District is situated in the before or after it is built.
centre of Copenhagen, only 10 minutes from
the City Hall Square in a taxi and offers easy Ownership
access to highways, 500 metres from the Carlsberg City District is owned and developed
metro, and is less than 15 minutes from CPH, by the development company Carlsberg Byen
30Over the next 8-10 years, the historic former
brewery located in the centre of Copenhagen is
being developed into a vibrant and diverse new
city district. When fully developed, Carlsberg City
District will comprise 600,000 square metres
divided into 45% residential, 45% retail stores,
offices and educational institutions and 10%
cultural and sports facilities. The new city district
will provide approximately 3,000 homes and 4,500
parking spaces and 10,000 jobs.
P/S, which was established 1st May 2012 and located on the ground level in a number of
consists of shareholders; Carlsberg Breweries buildings.
(25%), PFA Pension (30%), PenSam (22,5%)
and TopDanmark (22,5%). When Carlsberg City District is fully
developed in 2024 the area will contain
Volume 600,000 square metres of offices, retail
Campus Carlsberg, UCC, is already housing shops, cafés, restaurants, residentials,
10,000 students and the building takes up schools, kindergartens and different
56,000 square metres in total. The campus cultural and sports institutions.
was ready for occupation short after the
opening of Carlsberg Station and furthermore Do not hesitate to contact Carlsberg Byen
20 shops has already opened and been sold to P/S to hear more about the possibilities.
an international investor.
Carlsberg Byen P/S
At the end of 2018 will office area of 25,000 www.carlsbergbyen.dk
square metres be finished. On top of that will Phone: +45 7022 1799
60,000 square metres office space be initiated E-mail: cby@carlsbergbyen.dk
in 2018. Many people have already moved into
their new residents and office space. A mixture
of retail shops, cafés and restaurants will be
31The first residential homes were occupied
in 2015. Public functions such as day care
centres, schools and sports facilities are
developed as the district is established.
Konditaget Lüders (urban space in Nordhavn). Photo: Ty Stange
NORDHAVN
History inviting squares and harbour promenades and
The former industrial harbour area in Nordhavn a harbour swimming bath enables you to swim
(North Harbour) is rapidly changing into a new, in the clean waters of Nordhavn. As a result
unique waterfront neighbourhood. Nordhavn of the retail strategy, the first restaurants,
is in the attractive harbour area close to the cafés, speciality shops and supermarkets
city centre, where new islets enhance the view have already opened in the narrow streets.
of, and access to the sea. Public functions such as day care centres,
schools and sports facilities are being devel-
Today if you wander around the narrow streets oped as the district is established
in the Århusgade neighbourhood – the first
area to be developed in Nordhavn – it is hard Location
to imagine that until 2014 the area was hidden Nordhavn is Copenhagen’s northern point of
behind a steel fence as most of the area had entry. By 2020, two metro stations will open,
free port status. thus connecting the area to Copenhagen City
even more. Furthermore, the expansion of one
Nordhavn is developed in stages. The first of Copenhagen’s main freeways and the future
offices opened for business in 2014, and in construction of a tunnel to Nordhavn will
2015 the first residents moved into their ensure excellent connections to the national
homes. Today almost 2,000 people live in road network. The distance to the historic city
the sustainable neighbourhood, featuring centre is 5 km and about 18 km to Copenhagen
Airport.
32Nordhavn. Photo: By & Havn
The Århusgade neighbourhood is just the and offices. The first development stage is
start of the development in Nordhavn. At the 640,000 square metres of which approxi-
moment and over the coming years, develop- mately 140.000 is available to investors.
ment is taking place in the two Sundmolen and
Levantkaj areas. The northern part of Nord- Current investors
havn is also being expanded by 100 hectares Current investors are large Danish pension
through one of the largest ever land reclama- funds such as ATP, PensionDanmark,
tion projects in the history of Copenhagen. AP Pension and PFA, fund managers such
Once completed, Nordhavn will cover over as Nordic Real Estate Partners (NREP) and
350 hectares. CapMan and developers including CASA
and KPC.
Ownership
Nordhavn is owned by CPH City & Port Do not hesitate to contact CPH City & Port
Development which is jointly owned by the Development to hear more about the possibil-
City of Copenhagen and the Danish state. The ities in Nordhavn.
company sells off land and develops projects
on a commercial basis. CPH City & Port Development
www.byoghavn.dk
Volume Phone: +45 3376 9800
Nordhavn consists of 2,875 mio. square E-mail: info@byoghavn.dk
metres floor space available for both homes
33NEXT STEP
The Greater Copenhagen area is great for Find details about all construction projects
business. and development areas at
www.investcph.com
Here you will find
• property investment opportunities in more
than 30 urban development areas
• business opportunities in major public
construction projects totaling more than
EUR 5bn
• business opportunities in infrastructure
projects totaling more than EUR 15bn
• and the ideal location for your logistic
centre in the Nordic region
34 Inner harbour bridge. Photo: Kim WyongHELSINGBORG
HELSINGØR
SWEDEN
HILLERØD
LANDSKRONA
Øresund
SKÅNE
DENMARK COPENHAGEN
Nordhavn
Carlsberg
City District The Øresund
Fixed Link
ROSKILDE Ørestad
MALMÖ
Copenhagen
International
Airport
8 KMPRODUCED IN COOPERATION WITH Airport Project Development City of Copenhagen Kammeradvokaten www.airport-pd.com www.kk.dk www.kammeradvokaten.dk ATP Real Estate Copenhagen Capacity Pareto Securities www.atp-realestate.dk www.copcap.com www.paretosec.com Byggesocietetet CPH City & Port Development Realkredit Danmark www.byggesocietetet.dk www.byoghavn.dk www.rd.dk Carlsberg City District Cushman & Wakefield I RED www.carlsbergbyen.dk www.red.dk Also at the Greater Copenhagen stand
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