PFA increases ownership in Carlsberg City

At the turn of the year, PFA took over, in association with Pensam and Topdanmark, Realdania’s ownership share in Carlsberg City. The sale of ownership to these three existing owners ensures a continued stability and continuity in the ambitious urban development.

As from 31 December 2016, PFA, Pensam and Topdanmark have taken over Realdania’s ownership share of 25 % in Carlsberg City. This means that PFA now owns 29.99 per cent of the buildings by the old brewery in the centre of Copenhagen. 

Michael Bruhn, Executive Director of PFA Ejendomme, is most satisfied with the agreement.  

“We are very pleased with the agreement with Pensam and Topdanmark regarding the takeover of Realdania's ownership share of Carlsberg City. It is an attractive urban development project, which is a great benefit to residents of Copenhagen, and, at the same time, makes up a source of stable returns for our customers. As a long-term investor, it is beneficial that we now own a larger share of this visionary project, and it is an important building block in our strategy for increasing investments in high quality properties and projects in 2017. At the same time, we would like to thank Realdania for the cooperation,” says Michael Bruhn.

Pensam’s ownership share is now 22.51 %, Topdanmark owns 22.51 % and Carlsberg Ejendomme owns 25 %.

Realdania states that the reason for selling the shares is that the company currently is moving towards an increasingly global investment strategy with a larger diversification and less exposure to the Danish property market.

Background

Together with Realdania, Pensam and Topdanmark, PFA founded the company Carlsberg Byen P/S in 2012 with the purpose of developing the Carlsberg district between Vesterbro, Frederiksberg and Valby into a new and attractive part of Copenhagen with housing, shops, educational institutions and cultural life. In the years to come, the company will build 3,100 rental flats, business premises, a wide range of retail shops, schools and culture, which will ensure that the neighbourhood becomes an attractive part of the Copenhagen city life. The first buildings were ready in the fall of 2016, and the development is expected to continue until 2024.