COPENHAGEN A safe investment harbour for property investment in the Nordic region

Transcription

1 COPENHAGEN 2018 A safe investment harbour for property investment in the Nordic region

2 HELSINGBORG HELSINGØR SWEDEN HILLERØD LANDSKRONA Øresund SKÅNE DENMARK COPENHAGEN Nordhavn Carlsberg City District The Øresund Fixed Link ROSKILDE Ørestad Copenhagen International Airport MALMÖ 8 KM

3 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 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 4 The Bicycle Snake. Photo: Nicolai Perjesi

5 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

6 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 approximately 4.0 million inhabitants Vast new urban DEVELOPMENT AREAS 6

7 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 Source: Cushman & Wakefield I RED Investor Heimstaden (Sweden) 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 Copenhagen Lakes. Photo: Jacques Holst 7

8 WHY INVEST IN COPENHAGEN? In 2017 foreign investors property investment in Copenhagen reached approximately EUR 2,500m. This is partly due to the fact that Copenhagen is considered a safe haven for investors. High yield on investments Yields on investments in Denmark and Copenhagen are high compared to other European countries. An example of favourable investment conditions is the yield on the best located retail properties in Copenhagen. Yields in Copenhagen are higher than in Paris and significantly higher than the best located retail properties in London, which combined with the Danish mortgage system, often results in a substantially higher return on invested capital. A safe investment harbour - Low national debt It is fair to say that the concept safe haven seems to fit Denmark when looking at the national debt. The Danish economy has performed well before, during and after the financial crisis. National debt is low, and the Danish economy is one of Europe s most robust with tight fiscal control, a current account surplus low inflation. Also, the Danish currency (DKK) is pegged to the Euro. As a result, Denmark gets an AAA rating by Standard & Poor s. The metropolis of the Nordic region Copenhagen has the advantage of a unique, strategic geographical location, linking continental Europe to the rest of the Nordic region. With its premier location, Copenhagen together with the Malmö region creates Greater Copenhagen, a metropolis for the region of approximately 4.0 million residents. Moreover, the region is serviced by Copenhagen Airport the main airport and gateway to the Nordic region. Today, the airport handles more than 29 million passengers per year. This number is expected to reach nearly 40 million passengers per year, as the airport will be expanding over the next couple of years. Low transaction costs The transaction costs in Denmark are actually lower than in most other European countries. Costs in the amount of 5-6% of the cash price are not unusual in other European countries, while the level of costs in Denmark is around 1-2%. Unique mortgage system Denmark is the country in Europe with the lowest lending costs for the first 60% of 8

9 the property value. This is due to the unique mortgage system where the bank s typical annual margins are in the region of %. In other European countries, instalments of the same size typically accrue % as the bank s annual margins. Low transaction costs as well as low lending costs are both positive factors that boost the effective yields significantly on commercial real estate in Denmark. New urban development areas Copenhagen offers vast, new urban development possibilities near the centre of the city. Copenhagen s commercial real estate brokers always have commercial real estate properties and development projects to offer, and are all able to provide relevant key figures regarding the market as a service for international investors. YIELDS FOR PRIME RETAIL Q 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

10 COPENHAGEN BY FACTS A GLOBAL TOP TEN-CITY FOR LIVEABILITY Mercer 2016 and Monocle 2017 COPENHAGEN will become the first CARBON-NEUTRAL CAPITAL BY 2025 LOW CORPORATE TAX A corporate tax rate of 22% places Denmark below OECD and European level PUBLIC INVESTMENTS A number of vast public investments in Greater Copenhagen are underway in the next ten years, for instance The Copenhagen-Germany fixed link at Femern (EUR 7.5 billion) Copenhagen Airport expansion (EUR 1.5 billion) Light rail around Copenhagen (EUR 0.5 billion) A Copenhagen Metro City Ring Line (EUR 2.9 billion) ESS MAX IV the world s most powerful neutron source for R&D (EUR 2.0 billion). 10

11 COPENHAGEN AIRPORT Northern Europe s largest international airport. Approximately 29.2 million passengers in total travelled through the airport in % INCREASE IN POPULATION in Copenhagen from 2006 to 2030 DENMARK CREDIT RATING AAA S&P 2017 EUROPE S BEST AND THE WORLD S THIRD BEST COUNTRY FOR DOING BUSINESS The World Bank 2017 The group of CITIZENS IN THE AGE OF is expected to GROW WITH APPROXIMATELY people from 2018 to 2030 COPENHAGEN IS EUROPE S 2nd MOST DESIRABLE CITY for property investment and development in Europe PwC ULI 2018 Copenhagen from above. Photo: Jacob Schjørring & Simon Lau 11

12 COPENHAGEN BY GRAPHS Young families choose Copenhagen More and more families with children are choosing to move to or stay in Copenhagen. Consequently, the number of children and young people, as well as residents between the ages of 30 and 64, will increase faster than the city s population as a whole. See Figure 2. Many of the new Copenhageners will live in new housing. Demographic trends also indicate that existing residential areas will be more densely populated, with more children and young people in the city. Population growth demands new housing As Figure 4 shows, the population of Copenhagen will continue to increase in the years to come. The population of the City of Copenhagen will have increased by approximately 20% in 2027, which is the same level as other Nordic capitals. This illustrates that the Nordic region is experiencing strong population growth in the major city regions these years. To accommodate this growth, a large number of residences will have to be built. Since the beginning of 2006, net growth in the number of residential properties in Copenhagen has risen by 20,500. In the same period, the city s population has grown more than five times the additional housing. Only one in every five housing units in Copenhagen is owneroccupied as illustrated in Figure 3. If we are to prevent prices from accelerating rapidly due to the extensive migration to Copenhagen, one measure will be to build many more residential properties. Figure 2: Population growth Source: City of Copenhagen Figure 3: Breakdown of the number of residential properties Source: City of Copenhagen Owner occupied 18% Private rented 29% Social housing 20% Cooperative housing 33%

13 Rooftop café at Illum. Photo: Robin Skjoldborg Figure 4: The outlook for population growth Source: City of Copenhagen Index 160 Copenhagen Stockholm Oslo Hamburg

14 THE TRANSACTION VOLUME IN 2017 Once again, it was an impressive year for the Danish commercial real estate market reaching a new record of EUR 12.3 bn., surpassing last year s transaction volume by approx. EUR 3.2 bn. For the first time, foreign investors have dominated with a 53% share of the total investment volume reaching EUR 6.6 bn. The interest has especially been great from the Nordic countries. Residential Danish investors have dominated the residential segment the last couple of years, but foreign investors now contribute with 61% of the total residential volume. The residential volume reached a total of EUR 5 bn. in Investors continue to point their attention towards the Copenhagen Area, but there has been a shift in the geographical distribution as Jutland experienced an increase from EUR 0.5 bn. in 2016 to EUR 1.5 bn. in However, the investment volume in Copenhagen is steady with a minor decrease in the residential volume of 4%. Office The office segment reached a total volume of EUR 2.6 bn. in Danish investors are once again dominating the transaction volume with 61% after 2016, where the volume was shared equally between Danish and foreign investors. Investors interested in the office segment are also seeking towards other areas than the Copenhagen Area. 36% of the office transaction volume came from properties located outside of the Copenhagen Area, while these figures were only 14% and 16% 2016 and Retail The retail investment volume has more than doubled from 2016 to The volume was especially driven by the large share of shopping centre transactions which constituted 57% of the volume. The total retail volume in 2017 reached EUR 2.2 bn. The retail segment has always been dominated by foreign investors, except for 2017 where the Danish investor share was 55% contrary to 41% in Figure 5: Transaction volume in 2016 in Denmark Source: Cushman & Wakefield I RED Mio. EUR Residential Office Retail Industrial Hospitality Land Other 14

15 Figure 6: Breakdown of investors for office properties in Denmark Source: Cushman & Wakefield I RED Figure 7: Office properties distributed on Danish and foreign investors in Denmark Source: Cushman & Wakefield I RED Institutional Investor 25% Private Investor 25% Property fund 22% Real estate company 16% Other 12% Danish Investor 61% Foreign Investor 39% Figure 8: Breakdown of investors for residential properties in Denmark Source: Cushman & Wakefield I RED Figure 9: Residential properties distributed on Danish and foreign investors in Denmark Source: Cushman & Wakefield I RED Institutional Investor 38% Private investor 38% Property fund 20% Real estate company 3% Other 1% Danish Investor 38% Foreign Investor 62% Figure 10: Breakdown of investors for retail properties in Denmark Source: Cushman & Wakefield I RED Figure 11: Retail properties distributed on Danish and foreign investors in Denmark Source: Cushman & Wakefield I RED Institutional investor 46% Private investor 40% Property fund 8% Real estate company 3% Other 3% Danish Investor 55% Foreign Investor 45% 15

16 THE DANISH MORTGAGE SYSTEM The acquisition of real estate in Denmark is typically financed by Danish mortgage banks. One of the World s best mortgage finance systems The Danish mortgage model is unique, as there is a direct match between the loan an investor raises with a mortgage bank and the bonds a mortgage bank issues to fund a loan. It contributes to securing financial stability because the match funding principle largely eliminates risk in the financial sector. This connection also forms the basis of a transparent and flexible prepayment system. Borrowers may prepay their mortgage loans at any time without negotiating the price pre-payment may always take place at current market prices. This unique principle is found nowhere else in the world. Credit facilities The credit facilities of mortgage banks are governed by statute. The most important lending limits are as follows: up to 60% of the market value of commercial properties, and up to 80% of the market value of residential properties The Danish mortgage bond market The bond market has a volume of approximately EUR 390bn and is now the largest covered bond market in Europe. Bond investors are primarily financial institutions, pension funds and investment funds. The high liquidity and the attractiveness of the bonds due to their high security level ensure borrowers very low and competitive prices. The interest rate The interest rate of a mortgage loan and the prepayment price are directly reflected in the price of the mortgage bonds funding the loan. Everyone can monitor bond prices daily, and interest rates mirror the prices investors pay for the bonds. Danish mortgage banks provide mortgage lending at a very competitive price. This has led to a persistent demand for mortgage loans from owners of real property in Denmark, and makes the Danish mortgage market the largest in the world relative to its GDP. According to the European Mortgage Federation, the Danish mortgage system offers one of the lowest interest rates to borrowers across Europe see Figure 12. When being a foreign investor It is important to emphasise that Denmark maintains a fixed exchange-rate policy vis-àvis the euro area. This means that the 16

17 Figure 12: Variable rate and initial fixed period rate up to 1 year Source: Realkredit Danmark % Variable rate and initial fixed rate up to 1 year 5 Denmark Sweden Germany Netherlands q1 2016q4 2016q3 2016q2 2016q1 2015q4 2015q3 2015q2 2015q1 2014q4 2014q3 2014q2 2014q1 2013q4 2013q3 2013q2 2013q1 2012q4 2012q3 2012q2 2012q1 2011q4 2011q3 2011q2 2011q1 2010q4 aim of monetary and foreign rate exchange policy is to keep the DKK stable vis-à-vis the euro. The main objective of the monetary policy in the euro area is to maintain price stability, i.e. to avoid inflation. Key benefits of the mortgage system The strongest benefits of the Danish mortgage system are: Low competitive marketbased pricing of loans against mortgages on real property. Long credit facilities up to 30 years. Transparency in prices and repayment terms for the loans. No prepayment penalty. The loan can be prepaid by buying the underlying bonds at market price. Flexibility. Mortgage banks offer fixedrate loans, adjustable-rate mortgages and floating-rate loans. 17

18 STRUCTURED FINANCE The increasing market for structured finance offers investors flexibility and financing terms that are tailormade to fit the business plan. As an alternative to the local mortgage financing, the Nordic Corporate Bond Market offers tailor-made financing solutions. Structured finance in Denmark is relevant across all segments and to investors with strategies ranging from opportunistic to core. Advantages The advantages that foreign investors often seek with structured finance in Denmark are higher leverage, no or low amortization and/or payment-in kind. The latter is relevant for development or conversion projects where cash flows are limited or absent in typically 1-3 years. Process The Nordic Corporate Bond Market is well developed, and a complete issue process 18

19 can typically be completed within 6 weeks. Already after 4 weeks most processes will be closed and thus the final terms are determined. Afterwards settlement and disbursement of funds will take around 2 weeks. The process will be handled professionally with cooperation and involvement of the local legal advisors. Structuring With expertise from previous bond issues local investment banks can help foreign inves- tors to achieve the optimal structure that will attract investors and secure the best terms available in the market. Depending on the actual case, the issued bonds may be listed on NasDaq First North. Nordic Trustee is typically involved as an experienced representative of the bondholders which also simplifies communication for the issuer. The Tietgen Student Residence in Ørestad. Photo: Nicolai Perjesi 19

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21 Cirkelbroen. Photo: Kim Wyon 21

22 VM Bjerget. Photo: Michael Colville-Andersen BUYING REAL ESTATE Buying real estate in Denmark involves considerations regarding financing, planning and environmental matters, leases, tax, registration fees, etc. Acquisition rules The right to acquire real estate in Denmark is based on residence. All persons, who have or have had a permanent address in Denmark for a period of five years and companies that have their registered office in Denmark, are allowed to acquire real estate. Completion of real estate transactions Far the most Danish commercial real estate transactions are completed in two stages: The buyer and the seller draw up a contract of sale, specifying the terms of their agreement. Title of the property is registered with the Danish Land Register. When the title document is registered, the buyer s title will then be protected against the seller s bona fide assignees and creditors. Registration of land Almost all properties are registered electronically in the land register under individual numbers. Title is registered by electronic application to the Danish Land Registry. As from the filing of the application, title is protected against subordinated rights holders provided that the registration is finalized. Registration fees The stamp duty on transfer of real estate comprises a fixed amount of DKK 1,660, corresponding to approximately EUR 220, and a variable amount of 0.6% of the purchase price or the value according to the public land assessment, whichever is the higher. The stamp duty on registration of mortgages comprises a fixed amount of DKK 1,660 and a variable part of 1.5% of the mortgaged amount. 22

23 Charges affecting property Two types of charges may affect property: Easements that give the holder a right to use or control the property for a limited specific purpose. Restrictive covenants that give the holder the right to require preservation of a certain condition on the land. Due diligence The due diligence review is typically divided into commercial, legal, technological, environmental and financial due diligence reviews. Seller s liability for defects Generally, the seller is liable for defects on the property or the legal affairs of the property, including errors in leases or tenancy agreements. Planning and environmental matters Acquiring real estate in Denmark implies some environmental aspects primarily within physical planning and soil contamination. The Danish Planning Act is a key environmental act as it regulates planning at national, regional and local levels. Heavily polluting activities or facilities that might affect the environment require plan regulations at regional level. Danish environmental law is based on the polluter pays principle. Leases Danish business leases and commercial landlord/tenant law matters in general are governed by the Danish Business Lease Act. Since the majority of the provisions of the Danish Business Lease Act are non-mandatory and may therefore be derogated from by agreement, the Danish Business Lease Act provides a high level of contractual freedom. Danish residential leases and residential landlord/tenant law matters in general are governed by the Danish Landlord and Tenant Act and the Provisional Act on Housing Control. Most leases are entered into on standard lease agreement formulas, and many provisions are mandatory according to the Danish Landlord and Tenant Act and the Provisional Act on Housing Control. These acts include many mandatory provisions, including clauses which define how the rent is fixed for different kinds. VAT In principle the sale and purchase of real estate is not subject to Danish VAT (Danish VAT is charged at a flat rate of 25%). However, an antiavoidance rule states that VAT will apply if a building has been substantially rebuilt. The sale of building sites, the first sale of new buildings complete with land, as well as the delivery of built-up sites will be subject to 25% VAT. Lease of real estate is prima facie not subject to VAT. However, the owner of the real estate may opt to register the building for VAT purposes, implying that the rent will be subject to VAT. The lessee, if a person subject to VAT, will then be entitled to deduct the VAT. 23

24 EXIT OPTIONS OF DANISH REAL ESTATE The same considerations when to buy a property in Denmark will be relevant to consider for a vendor upon a sale of commercial real estate in Denmark. Selling real estate Sale of commercial real estate is usually handled through Danish real estate agents by way of structured sales processes. The advice given will be based upon international standards and majority of real estate agents and other advisors as lawyers and accountants are all able to assist fluently in English. The major international chains of real estate agents are all present in Denmark and are ready to assist on a professional level. Sales may be structured as an asset deals by way of sale of shares or by way of issuing additional owners interest in the company holding the property. More complicated sales processes as synthetic sales, preferential 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 processes found internationally can be handled by Danish commercial real estate agents. The preferred transaction scheme will be to either sell the asset by way of an asset sale or a share deal. It shall be noted that a sale of shares in a Danish property company does not constitute a sale of the property as such as e.g. in Germany. According to the present Danish tax scheme capital gain on sale of shares in a daughter company of a Danish holding company may be considered tax exempt. However, the sale of such shares is legally wise more complicated and may present a risk in respect of the history of the property. As a sale of the property may trigger capital gain and a subsequent a tax payment it should be considered if the property is sold as an asset or the shares in the company holding the property is to be sold. Also, it should be noted that a sale of shares may also be deemed exempt from stamp duties on the transactions as such. 24

25 The Bicycle Snake. Photo: Thomas Høyrup Christensen 25

26 DEVELOPMENT AREAS IN COPENHAGEN There are several designated development areas close to the centre of Copenhagen. In this leaflet we choose to focus on three significant areas: Ørestad is a modern district with a blend of businesses, universities, cultural venues and housing. Situated between Copenhagen Airport/the Øresund Bridge and the historic city of Copenhagen, Ørestad is a prime location for international businesses; Carlsberg City District that used to house the Carlsberg brewery, with historical buildings to be retained. With new housing, schools and offices Carlsberg City District will create a unique new neighbourhood; 26

27 Nordhavn, a former industrial and commercial harbour, is being converted into attractive residential properties and offices with distinctive architecture right at the harbour front. metres of new construction is developed for housing, offices and shops in the southern part of Copenhagen Harbour, the eastern part of Amager close to Copenhagen Airport, and 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

28 ØRESTAD History The modern city district has been developed on former military training grounds close to the city centre. Ørestad was the first development area in the region to benefit from the Øresund Bridge to Sweden and the proximity of Copenhagen Airport. Ørestad is a driving force in the reinvention of Copenhagen a reinvention that brings corporate headquarters, award winning architecture and even Northern Europe s largest centrally located nature reserve to the heart of the city. Ørestad has experienced an influx of corporate headquarters, but is also home to more than 11,500 residents. Development of the local area has resulted in international music and sports events, world-class architecture, playgrounds, schools and safe cycle paths. Copenhagen s main convention centre and three of the largest hotels in Scandinavia are also situated in Ørestad. In addition, the IT University of Copenhagen, the University of Copenhagen, the Danish Broadcasting Corporation and Jean Nouvel s Concert Hall are located in Ørestad. The Royal Arena, Copenhagen s new concert and sports arena with room for 15,000 spectators, has just opened in Ørestad. Location Less than 10 minutes from Scandinavia s largest airport, 10 minutes to the historic city of Copenhagen, and half an hour from Sweden. In Ørestad you are within easy reach of everything. Its location at the intersection of transport lines with six metro stations (running 24/7), direct train service to the airport and direct access to the highway makes Ørestad a regional hub. Ørestad is a second-to-none location for internationally-oriented companies. It is the region s fastest growing and most significant business development area, providing perfect conditions for recruitment and business partnerships in Denmark and abroad. Locating in Ørestad means joining an international business community that continues to grow and develop. Lastly, a new network association, Ørestad Innovation City Copenhagen, has been established. It aims to make Ørestad the most powerful innovation district in Greater Copenhagen. The association already has thousands of members and several professional networks. Ownership Ørestad is developed by CPH City & Port Development which is jointly owned by the 28

29 Ørestad. Photo: Kontrafram City of Copenhagen and the Danish state. The company sells off land and develops projects on a commercial basis. Volume Nearly two thirds of the district-planned area has already been developed and the Northern and Central parts are almost completed. The total size of the area is 310 hectares, and approximately 400,000 square metres are available to investors. Current investors Current investors are Danish pension funds such as PensionDanmark, AP Pension and PFA Pension, fund managers such as Nordic Real Estate Partners (NREP), Solstra Capital Partners, and developers such as Arkitektgruppen, Bonava, Tetris as well as Norwegian Steen & Strøm and KLP and Swedish Fastighets AB Balder. Do not hesitate to contact CPH City & Port Development to hear more about the possibilities in Ørestad. CPH City & Port Development Phone: info@byoghavn.dk 29

30 Theodora House. Theodora House Ottilia Jacobsen Square CARLSBERG CITY DISTRICT History For more than 160 years the site was home to Carlsberg Breweries and it is part of the Danish cultural heritage, not least because it is home to many of Copenhagen s architectural treasures. When the new Carlsberg City District is completed, the city district will consist of densely constructed buildings surrounded by charming spaces and squares with narrow streets and alleys combined with open green parks and areas, which also contribute to the unique view from the nine residential towers ranging from 50 to 120 meters in height. Location Carlsberg City District is situated in the centre of Copenhagen, only 10 minutes from the City Hall Square in a taxi and offers easy access to highways, 500 metres from the metro, and is less than 15 minutes from CPH, Scandinavia s largest airport. Already the new railway station, Carlsberg Station, is the central connection hub and main entrance to the new city district. It is expected to be one of the busiest railway stations in Copenhagen with approximately 24,000 travellers on a daily basis and just four minutes from the Central Station. Carlsberg City District will provide approximately 3,000 residentials, 4,000 parking spaces and 10,000 jobs and a number of retail shops, bars and restaurants. All the projects concerning offices and retail will be offered to investors, both international and local, either before or after it is built. Ownership Carlsberg City District is owned and developed by the development company Carlsberg Byen 30

31 Over 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 consists of shareholders; Carlsberg Breweries (25%), PFA Pension (30%), PenSam (22,5%) and TopDanmark (22,5%). Volume Campus Carlsberg, UCC, is already housing 10,000 students and the building takes up 56,000 square metres in total. The campus was ready for occupation short after the opening of Carlsberg Station and furthermore 20 shops has already opened and been sold to an international investor. At the end of 2018 will office area of 25,000 square metres be finished. On top of that will 60,000 square metres office space be initiated in Many people have already moved into their new residents and office space. A mixture of retail shops, cafés and restaurants will be located on the ground level in a number of buildings. When Carlsberg City District is fully developed in 2024 the area will contain 600,000 square metres of offices, retail shops, cafés, restaurants, residentials, schools, kindergartens and different cultural and sports institutions. Do not hesitate to contact Carlsberg Byen P/S to hear more about the possibilities. Carlsberg Byen P/S Phone: cby@carlsbergbyen.dk 31

32 The first residential homes were occupied in 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 The former industrial harbour area in Nordhavn (North Harbour) is rapidly changing into a new, unique waterfront neighbourhood. Nordhavn is in the attractive harbour area close to the city centre, where new islets enhance the view of, and access to the sea. Today if you wander around the narrow streets in the Århusgade neighbourhood the first area to be developed in Nordhavn it is hard to imagine that until 2014 the area was hidden behind a steel fence as most of the area had free port status. Nordhavn is developed in stages. The first offices opened for business in 2014, and in 2015 the first residents moved into their homes. Today almost 2,000 people live in the sustainable neighbourhood, featuring inviting squares and harbour promenades and a harbour swimming bath enables you to swim in the clean waters of Nordhavn. As a result of the retail strategy, the first restaurants, cafés, speciality shops and supermarkets have already opened in the narrow streets. Public functions such as day care centres, schools and sports facilities are being developed as the district is established Location Nordhavn is Copenhagen s northern point of entry. By 2020, two metro stations will open, thus connecting the area to Copenhagen City even more. Furthermore, the expansion of one of Copenhagen s main freeways and the future construction of a tunnel to Nordhavn will ensure excellent connections to the national road network. The distance to the historic city centre is 5 km and about 18 km to Copenhagen Airport. 32

33 Nordhavn. Photo: By & Havn The Århusgade neighbourhood is just the start of the development in Nordhavn. At the moment and over the coming years, development is taking place in the two Sundmolen and Levantkaj areas. The northern part of Nordhavn is also being expanded by 100 hectares through one of the largest ever land reclamation projects in the history of Copenhagen. Once completed, Nordhavn will cover over 350 hectares. Ownership Nordhavn is owned by CPH City & Port Development which is jointly owned by the City of Copenhagen and the Danish state. The company sells off land and develops projects on a commercial basis. Volume Nordhavn consists of 2,875 mio. square metres floor space available for both homes and offices. The first development stage is 640,000 square metres of which approximately is available to investors. Current investors Current investors are large Danish pension funds such as ATP, PensionDanmark, AP Pension and PFA, fund managers such as Nordic Real Estate Partners (NREP) and CapMan and developers including CASA and KPC. Do not hesitate to contact CPH City & Port Development to hear more about the possibilities in Nordhavn. CPH City & Port Development Phone: info@byoghavn.dk 33

34 NEXT STEP The Greater Copenhagen area is great for business. 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 Find details about all construction projects and development areas at 34 Inner harbour bridge. Photo: Kim Wyong

35 HELSINGBORG HELSINGØR SWEDEN HILLERØD LANDSKRONA Øresund SKÅNE DENMARK COPENHAGEN Nordhavn Carlsberg City District The Øresund Fixed Link ROSKILDE Ørestad Copenhagen International Airport MALMÖ 8 KM

36 PRODUCED IN COOPERATION WITH Airport Project Development ATP Real Estate Byggesocietetet Carlsberg City District City of Copenhagen Copenhagen Capacity CPH City & Port Development Cushman & Wakefield I RED Kammeradvokaten Pareto Securities Realkredit Danmark Also at the Greater Copenhagen stand