A new joint venture between Nordic property specialist CapMan Real Estate and property developer Casa has kicked off with the acquisition of a school property in the Danish city of Frederiksberg.
The property on Lindevangs Allé 8-12, which has been purchased for CapMan’s new value-add real estate fund CMNRE III, will be transformed into a a modern office space.
The cooperation between CapMan and Casa will focus on transforming and developing a series of outdated properties into modern commercial assets.
Hasse Wulff, investment director at CapMan Real Estate said: 'In recent years, we have worked with a number of transformation projects where the starting point has been well-located properties with significant development potential.
'For years, this property has been used for educational purposes and it is now our plan to convert it to its original use as office space. We see potential in creating an attractive and modern office environment, which further adds to the appeal of the area.'
The large, almost 5,000 m2 building will undergo a renovation with a focus on sustainability, including a plan to retrofit the façade with insulation for energy optimisation.
Student housing is being developed in the neighbouring property, which Casa anticipates will further contribute to the development of a dynamic community in the area. Construction of the office is expected to start in early 2021.
