Australian-listed Valad Property Group has formed its first ever joint venture with Danish developer Schaumann Properties to handle the capital and finance structuring on a number of development projects, the first being a 50:50 partnership concerning the Krystallerne office development in Copenhagen's South Harbour.
Australian-listed Valad Property Group has formed its first ever joint venture with Danish developer Schaumann Properties to handle the capital and finance structuring on a number of development projects, the first being a 50:50 partnership concerning the Krystallerne office development in Copenhagen's South Harbour.
The 23,200 m2 development will be built in three-five phases with construction on the first phase expected to start in 2009. Valad Capital Services, the property investment banking arm of Valad Property Group, will deliver 50% of the project equity. Some major occupiers already based in the area include Daimler Mercedes Denmark, Nokia, EDS, Philips, Citroen Denmark and telephone companies TDC and 3.
Valad Property Group is mostly known in Denmark for investing in property on the outskirts of major towns while Schaumann Properties are known for big development projects such as Hundige Storcenter and Potsdamer Platz, Berlin.
'The Krystallerne development is situated in one of the most sought after waterside locations in Copenhagen, between the city centre and the airport. This was an important factor, combined with Schaumann's experience and track record that made this an ideal first project together,' said Kim Allan, director of Development & Project for Valad Property Group, Nordic.
Last year Valad Property Group, along with Scarborough, acquired Teesland iOG to create a pan-European platform complementing its existing presence in Asia Pacific. The company currently has circa EUR 12.5bn of assets under management
