The consortium building the Carlsberg City District in central Copenhagen has secured €325 mln in funding for the next stage of the 600,000 m2 project.
The consortium building the Carlsberg City District in central Copenhagen has secured €325 mln in funding for the next stage of the 600,000 m2 project.
Development company Carlsberg Byen has entered into a non-banking credit agreement with Danish pension fund PKA to finance the development of up to 125,000 m2 on the former Carlsberg brewery site.
Jesper Bo Hansen, head of corporate finance at Catella, which advised Carlsberg Byen, said: ‘We have been able to swiftly secure a well-suited, tailor-made construction financing solution to our client by tapping into the institutional capital market.’
Carlsberg has a 25% stake in the consortium that acquired the site in 2012 for DKK 2.5 bn (then €335 mln). The other members are property development foundation Realdania, with a 25% stake, and pension funds PFA Pension (20%), PenSam (15%) and Topdanmark (15%).
The project aims to transform the site into one of the most sustainable districts in the world, with all new projects constructed as low-energy buildings to secure CO2 neutrality. It will contain 3,000 owner-occupied flats as well as shops, schools, sports venues, cultural centres and offices.