COPENHAGEN
2016
A safe investment harbour
for property investment
in the Nordic region
HELSINGBORG
HELSINGØR
SWEDEN
CONTENTS
HILLERØD
LANDSKRONA
Øresund
SKÅNE
DENMARK
COPENHAGEN
Nordhavn
Carlsberg
City District
ROSKILDE
The Øresund
Fixed Link
Ørestad
MALMÖ
Copenhagen
International
Airport
We welcome you to Copenhagen
5
Six reasons to establish your business in Copenhagen
Why invest in Copenhagen?
6
8
Copenhagen by facts
10
Copenhagen by graphs
12
Transaction volume in 2015
14
The Danish mortgage system
16
Buying real estate
20
Development areas in Copenhagen
22
KØGE
EUROPE
8 KM
Front page: Copenhagen Harbour. Photo: Adrian Lazar
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WE WELCOME YOU TO COPENHAGEN
Copenhagen is an attractive place for your real estate investment.
The combination of a strong and stable economy and a very business-­
friendly climate makes Copenhagen the perfect hub of strong business
networks and partnerships ensuring that you get connected from
day one.
The National Association for Building and Copenhagen Capacity, the
official investment promotion agency for Copenhagen, have partnered
to support the ambitions behind such partnership, namely, Greater
Copenhagen in which Copenhagen is the centre.
Greater Copenhagen does not only span Eastern Denmark and Southern
Sweden; it bridges Scandinavia and mainland Europe creating a
platform for promoting regional collaboration and economic growth.
Therefore, we highly recommend Copenhagen as an attractive platform
for your investments.
We welcome 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
Copenhagen’s cycle bridge Cykelslangen (The Bicycle Snake). Photo: Thomas Høyrup Christensen
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SIX REASONS TO ESTABLISH
YOUR BUSINESS IN COPENHAGEN
HIGH YIELD on investments
A SAFE INVESTMENT HARBOUR
Greater Copenhagen is THE METRO­
POLIS OF THE NORDIC REGION with
approximately 3.9 million inhabitants
Extremely LOW TRANSACTION
costs
SOME OF THE MOST ACTIVE FOREIGN INVESTORS
ON THE DANISH REAL ESTATE MARKET
UNIQUE MORTGAGE system
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.
Vast new urban DEVELOPMENT
AREAS
•
•
•
•
•
•
•
•
•
•
•
•
•
Aberdeen Property Investors (United Kingdom)
AEW (Germany)
BlackRock (USA)
Bouwfonds (The Netherlands)
Briggen (Sweden)
CapMan (Finland)
Catella Real Estate (Germany)
Citycon (Finland)
Coller Capital (United Kingdom)
Cordea Savills (Canada)
ECE (Germany)
InfraRED Capital Partners (United Kingdom)
KLP (Norway)
• Meyer Bergman (United Kingdom)
• M&G Real Estate (United Kingdom)
• M7 Real Estate (United Kingdom)
• NEP Partners (United Kingdom)
• Niam (Sweden)
• NREP (Scandinavia)
• Oaktree (USA)
• Pareto Ejendom (Norway)
• Patrizia (Germany)
•Pears Global Real Estate Investors
(United Kingdom)
• Solstra (United Kingdom)
• Standard Life Investment (United Kingdom)
• Sveafastigheter (Sweden)
• Westbrook Partners (USA)
• Wihlborgs (Sweden)
Source: RED Property Advisers.
View over Copenhagen from Christianshavn. Photo: Morten Jerichau
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WHY INVEST IN COPENHAGEN?
In 2015, foreign investors’ property
investment in Copenhagen came to
approximately EUR 2,500m. This is
partly due to the fact that Copen­
hagen is considered a safe haven for
investors.
High yield on investments
Yields on investments in Denmark and Copenhagen are high compared with 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 on the best
located retail properties in London, which
combined with the Danish mortgage system
often results in a high 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 and low inflation. Also, the
Danish currency (DKK) is locked to the Euro.
As a result, Denmark gets a 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 3.9 million residents.
Moreover, the region is serviced by Copen­
hagen Airport – the main airport and gateway
of the Nordic region. Today, the airport
handles more than 25 million passengers per
year. This number is expected to nearly double
to 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.
Thus, costs in the amount of 5%-6% of the
cash price are not unusual. In comparison, 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 the
property value. This is due to the unique
mortgage system where the banks’ current
annual administration margins are in the
region of 0.6%-1.25%. In other European
countries, instalments of the same size
typically accrue 1.0%-2.5% in banks’ annual
administration 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.
Vast 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 to international investors.
YIELDS ON PRIME RETAIL
PROPERTIES Q3/Q4 2015
City Amsterdam Copenhagen London Madrid Munich Paris Rome Stockholm Yield
4.10%
3.60%
2.25%
3.75%
3.30%
3.00%
3.25%
3.90%
Source: RED Property Advisers,
Cushman & Wakefield.
Sluseholmen, peninsula in the South Harbour of Copenhagen. Photo: Thomas Høyrup Christensen
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COPENHAGEN BY FACTS
A GLOBAL ”TOP-TEN CITY” FOR
LIVEABILITY – Mercer 2015 and
Monocle 2015
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.
VAST PUBLIC INVESTMENTS
A number of vast public investments
in Greater Copenhagen are underway
in the next ten years, for instance:
•The Copenhagen-Hamburg fixed
link at Femern (EUR 7.5bn)
•Copenhagen Airport expansion
(EUR 1.5bn)
•Light rail around Copenhagen
(EUR 0.5bn)
•A Copenhagen Metro City Ring Line
(EUR 2.9bn)
•ESS & MAX IV, the world’s most
powerful neutron source for R&D
(EUR 2.0bn).
3.9 M INHABITANTS
Greater Copenhagen is Scandinavia’s
largest metropolitan area and has
the highest number of international
companies.
COPENHAGEN AIRPORT
Northern Europe’s largest international
airport. 26.6 m passengers in total
travelled through the airport in 2015.
DENMARK CREDIT RATING:
AAA – S&P 2015
Copenhagen from above. Photo: Jacob Schjørring & Simon Lau
33% INCREASE IN POPULATION in
central Copenhagen from 2005 to
2027.
ROUGHLY 26,000 NEW CITIZENS
BETWEEN THE AGES OF 20 AND 29
WILL MOVE TO COPENHAGEN from
2015 to 2027.
EUROPE’S BEST AND THE WORLD’S
THIRD BEST COUNTRY FOR DOING
BUSINESS – The World Bank 2015
11
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 6 shows, the population of Copen­
hagen will continue to increase in the years
to come. The population of the City of Copen-
hagen 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 10,300. 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
owner-­occupied as illustrated in Figure 5.
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.
Sankt Hans torv (Sct. Hans Square). Photo: Ty Stange
Figure 6: The outlook for population growth
Source: City of Copenhagen
Index
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 4.
160
Copenhagen
Stockholm
150
Figure 4: Population growth 2015-2030
Source: City of Copenhagen
Figure 5: Breakdown of the number
of residential properties
Source: City of Copenhagen
85+
Oslo
Hamburg
140
130
120
65-84
30-64
Owner occupied 18%
20-29
Private rented 29%
0-19
Social housing 20%
Cooperative housing 33%
110
100
2027
2026
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
90
2000
40000
35000
30000
25000
20000
15000
10000
5000
-5000
0
12
COPENHAGEN BY GRAPHS
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TRANSACTION VOLUME IN 2015
Residential
The residential market was by far the largest
investment segment in 2015 and accounted
for approximately EUR 2.6bn or 38% of the
total volume. International investors are still
in high demand of newly built rental prop­
erties divided into condominiums, while the
old building mass is a highly attractive investment subject among domestic investors.
Given the increased demand for residential
properties combined with the low interest
rate, the residential market shows no signs
of slowing down.
Office
Investment in office properties represented
the largest segment in 2015, and the segment
still contributes approximately EUR 1.8bn or
around 27% of the total volume in 2015. In
the course of 2015 the office market became
even more attractive, with several transactions outside Copenhagen City. The market
is still mainly dominated by Danish pension
funds; however, large real estate companies
and international funds have also been active.
Retail
The investment volume for retail properties
increased compared with last year and
reached EUR 1.1bn in 2015. Foreign investors
accounted for almost 70% of the transactions
in 2015, in which Central Group’s acquisition
of the department store Illum represents
a significant proportion of the transaction
volume. The demand for high street properties
is still high, but foreign investors have also
shown interest in other large cities in Denmark.
Figure 7: Transaction volume in 2015 in Denmark
Source: RED Property Advisers
Mio. EUR
The total investment volume in
Denmark in 2015 was around
EUR 6.9bn, strongly dominated by
investment in Copenhagen. On the
Copenhagen market, we have seen
a high demand in the traditional
segments; office, retail and residential, but acquisition of land for
development purposes has also
increased significantly.
Figure 8: Breakdown of investors for
office properties in Denmark
Source: RED Property Advisers
20000
Figure 9: Office properties distributed
on Danish and foreign investors in Denmark
Source: RED Property Advisers
Institutional Investors 37%
Property Funds 20%
Real Estate Companies 22%
Private Investors 10%
Danish Investor 75%
Other 11%
Foreign Investor 25%
Figure 10: Breakdown of investors
for residential properties in Denmark
Source: RED Property Advisers
Figure 11: Residential properties distributed
on Danish and foreign investors in Denmark
Source: RED Property Advisers
Institutional Investors 3%
Real Estate Companies 19%
Property Funds 51%
Private Investors 16%
Danish Investor 56%
Other 11%
Foreign Investor 44%
Figure 12: Breakdown of investors for
retail properties in Denmark
Source: RED Property Advisers
Figure 13: Retail properties distributed
on Danish and foreign investors in Denmark
Source: RED Property Advisers
15000
Institutional investor 4%
10000
Real estate company 12%
Property fund 38%
5000
0
Retail
Office Residental Land
Other
User 38%
Danish Investor 32%
Other 8%
Foreign Investor 68%
15
Germany
Netherlands
4
3
2
2015q3
2015q2
2015q1
2014q4
2014q3
2014q2
2014q1
2013q4
2013q3
Key benefits of the mortgage system
The strongest benefits of the Danish mortgage system are:
2013q2
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 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.
2013q1
2012q4
2012q3
2012q2
2012q1
1
2011q4
According to the European Mortgage Feder­
ation, the Danish mortgage system offers
one of the lowest interest rates to borrowers
across Europe – see Figure 14.
Sweden
2011q3
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.
Denmark
2011q2
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 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.
5
2011q1
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 trans­
parent 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.
The Danish mortgage bond market
The bond market has a volume of approximately EUR 330bn and is the second 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.
% Variable rate and initial fixed rate up to 1 year
The acquisition of real estate in
Denmark is typically financed by
Danish mortgage banks.
Figure 14: Variable rate and initial fixed period rate up to 1 year
Source: Realkredit Danmark
2010q4
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THE DANISH MORTGAGE SYSTEM
•Low competitive market-based 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.
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The student residence Tietgenkollegiet in the Ørestad. Photo: Nicolai Perjesi
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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.
Apartments by the water. Photo: Ty S tange
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 court registry. As from the
filing of the application, title is protected
against subordinated rights holders.
Registration fees
The stamp duty on transfer of real estate
comprises a fixed amount of DKK 1,660, cor­
responding 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 1,600 and
a variable part of 1.5% of the mortgaged
amount.
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-manda­
tory and may therefore be derogated from
by agreement, the Danish Business Lease Act
provides a high level of contractual freedom.
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 anti-avoidance rule states that VAT will
apply if a building has been substantially
rebuilt. 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.
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.
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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 3.1 million square metres new
business and residential district in Copenhagen, situated right between Copenhagen
Airport and the Øresund Bridge and Copenhagen City with excellent transport links;
•
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;
•
Nordhavn, a former industrial and commercial harbour, is being converted into attract­
ive residential properties and offices with
distinctive architecture right at the harbour
front.
Apart from these three examples, urban
development takes place in several areas
Copenhagen Harbour. Photo: Adrian Lazar
in Copenhagen. More than 500,000 square
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.
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ØRESTAD
History
Ørestad was the first development area in the
region to benefit from the Øresund Bridge to
Sweden and the proximity of Copenhagen Airport. The modern city district was developed
on former military training grounds close to
the city centre.
Ørestad is a driver in Copenhagen’s reinvention – a reinvention that brings corporate
headquarters, architectural innovation and
even Northern Europe’s largest centrally
located nature reserve to the heart of the city.
Ørestad has experienced an influx of corpor­
ate headquarters, but is also home to around
10,000 residents. Also, Copenhagen’s main
convention centre and three of the largest
hotels in Scandinavia; AC Hotel Bella Sky
Copenhagen, Cabinn Metro and Crowne Plaza
Copenhagen Towers are 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.
In 2016, The Royal Arena, Copenhagen’s
new concert and sports arena, with room for
15,000 spectators, will open in Ørestad.
Location
Ørestad is conveniently located between
the city centre, the airport and the Øresund
Bridge. Being the intersection of transportation 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. The distance to the city centre
as well as to the airport is about 6 km.
Ownership
Ørestad is developed 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
More than one third of the area has already
been developed and the Northern and Central
part is almost completed. In the coming years,
development will focus on the completion of
Ørestad City and Ørestad Syd.
The total size of the area is 310 hectares,
and 715,000 square metres are available for
further development.
Current investors
Current investors are Danish pension funds
such as PensionDanmark and AP Pension,
developers such as JM Danmark, NCC and
Bella Sky Comwell. Photo: Claus Starup
Arkitektgruppen, but also Norwegian Steen &
Strøm and KLP, Swedish Fastighets AB Balder
and Solstra Capital Partners.
Do not hesitate to contact CPH City & Port
Development to hear more about the possibilities in Ørestad.
CPH City & Port Development
www.byoghavn.dk
Telephone: +45 3376 9800
E-mail: [email protected]
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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.
Left: Carlsberg City District entrance. Right: Boilerhouse market
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 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 2 km from the City Hall
square and offers easy access to highways,
500 metres from the metro, and is less than
15 minutes from Scandinavia’s largest airport.
Also the new railway station, Carlsberg Station,
will be the central connection hub and main
entrance to the new city district. Carlsberg
Station opens on 3 July 2016.
Ownership
Carlsberg City District is owned and developed
by the development company Carlsberg Byen
P/S, which was established 1 May 2012 and
consists of shareholders; Realdania (25%),
Carlsberg Breweries (25%), PFA Pension
(20%), PenSam (15%) and TopDanmark (15%).
Volume
In September 2016, Campus Carlsberg, UCC,
will be ready to house 10,000 students and
the building will take up 56,000 square metres
in total. The campus will be ready for occupation short after the opening of Carlsberg
Station, which is expected to be one of the
busiest in Copenhagen with approximately
24,000 travellers on a daily basis.
One of the current projects is the construction
of Bohr’s Tower; the building of the 100 meters
tall apartment tower with 88 apartments in
sizes varying from 139 to 190 square meters
located from the 8th to the 29th floor. The
apartments will be ready for occupation in
mid-2017.
Also the two projects Ottilia House and
Jacobsen House will both be completed and
ready for occupation by mid-2017. Ottilia
House offers 27 residences and 700 square
meters for business and Jacobsen House
offers 13 exclusive residences and 300
square meters for commercial purposes.
In 2016 the construction of another 60,000
square metres will begin alongside the on­
going projects commenced in 2015. Within the
60,000 square meters, approximately 16,000
will be for commercial purposes situated
in traditional and protected frames
surrounded by new and modern projects,
which will be a mixture of retail shops,
cafés, restaurants and offices. Furthermore, the domiciles allow businesses to
design leases according to their needs.
Furthermore, the construction of the
European School opens 1 August 2018
and will be housing 900 students and 3
different lines.
Do not hesitate to contact Carlsberg Byen
to hear more about the possibilities.
Carlsberg Byen
www.carlsbergbyen.dk
Telephone: +45 7022 1799
E-mail: [email protected]
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The 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.
Nordhavn (North Habour). Photo: Peter Sørensen
NORDHAVN (NORTH HARBOUR)
History
The former industrial harbour area in ”Nordhavn” (North Harbour) is rapidly changing into
a new and attractive waterfront neighbourhood. Nordhavn will be the attractive harbour
area close to the city centre, where new islets
enhance the view of and access to the sea.
Nordhavn is developed in stages. The first
offices opened for business in 2014, and
in 2015 the first residential homes were
occupied. Public functions such as day care
centres, schools and sports facilities are
developed as the district is established.
Currently an outdoor sports area is under
construction on the top of a multi storey
parking facility. It will open in 2016.
Location
Nordhavn is Copenhagen’s northern point of
entry. Before 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 city centre is 5 km and
about 18 km to Copenhagen Airport.
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
The size of the first development stage
is 625,000 square metres of floor space
and available for further development is
400.000 square metres for homes and
offices.
Current investors
Today, the area hosts the United Nations
headquarters, global shipping companies,
a cluster of design companies and
showrooms, a cruise ship terminal and a
container terminal.
Do not hesitate to contact CPH City & Port
Development to hear more about the possibilities in Nordhavn.
CPH City & Port Development
www.byoghavn.dk
Telephone: +45 3376 9800
E-mail: [email protected]
The first offices opened for business in 2014, and
Current investors are mainly large Danish
pension funds such as ATP, Pension­
Danmark and PFA.
29
30
Left: The Black Diamond (the Royal Library). Photo: Morten Bjarnhof.
Right: Copenhagen Canals at Christiansborg (the Parliament). Photo: Adrian Lazar
NEXT STEP
FOR MORE INFORMATION:
www.investcph.com
Produced in cooperation with:
City of Copenhagen www.kk.dk
Copenhagen Capacity www.copcap.com
The National Association for Building www.byggesocietetet.dk
Real estate broker:
RED Property Advisers www.red.dk
Mortgage credit institution:
Realkredit Danmark www.rd.dk
Legal advisor:
Bech-Bruun www.bechbruun.com
Real estate development:
Carlsberg City District www.carlsbergbyen.dk
Pension fund:
PFA Ejendomme www.ejendomme.pfa.dk