Urban Partners, a Nordic developer and investor, has acquired the former headquarters of Danish technology firm FLSmidth in Valby, Copenhagen, via its real estate arm Nrep in a joint venture with AG Gruppen. The acquisition was made for its NSF V fund.
Nrep and AG Gruppen said they plan to redevelop the 72,000sqm building into a mix of modern office facilities and homes for local people.
Urban Partners said that, through the acquisition, Nrep and AG Gruppen are progressing their joint ambition “to transform the city’s unused and ageing commercial buildings into vibrant, mixed-use neighbourhoods with architectural and historical character”.
Thomas Riise-Jakobsen, partner and country manager for Denmark at Nrep, said: “Valby is a rapidly changing neighbourhood, and we see strong local commitment and a desire to continue developing the area. We want to contribute to this positive development and use the area’s industrial history to add another attractive area to Valby.
“With our approach, we want to build on Valby’s existing qualities and do our part to create an open and sustainable neighbourhood with room for life, work and community.”
Bjarke Windeløv Graae, CEO of AG Gruppen, said: “We are pleased that we now have the opportunity to develop an exciting new urban district for Copenhagen and its residents, in collaboration with our strong joint venture partner Nrep.
“We believe that through our joint efforts, we will create a vibrant new neighbourhood that connects the area’s historical significance with modern housing and attractive office spaces.”
Financial details were not disclosed.
To read the latest IPE Real Assets magazine click here.
