COPENHAGEN 2016

A safe investment harbour for property investment in the Nordic region

HELSINGBORG HELSINGØR

SWEDEN

CONTENTS

HILLERØD LANDSKRONA

Øresund

SKÅNE

DENMARK COPENHAGEN Nordhavn Carlsberg City District

ROSKILDE

The Øresund Fixed Link

Ørestad

MALMÖ

Copenhagen International Airport

We welcome you to Copenhagen

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Six reasons to establish your business in Copenhagen Why invest in Copenhagen?

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Copenhagen by facts

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Copenhagen by graphs

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Transaction volume in 2015

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The Danish mortgage system

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Buying real estate

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Development areas in Copenhagen

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KØGE

EUROPE

8 KM

Front page: Copenhagen Harbour. Photo: Adrian Lazar

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WE WELCOME YOU TO COPENHAGEN Copenhagen is an attractive place for your real estate investment. The combination of a strong and stable economy and a very business-­ friendly climate makes Copenhagen the perfect hub of strong business networks and partnerships ensuring that you get connected from day one. The National Association for Building and Copenhagen Capacity, the official investment promotion agency for Copenhagen, have partnered to support the ambitions behind such partnership, namely, Greater Copenhagen in which Copenhagen is the centre. Greater Copenhagen does not only span Eastern Denmark and Southern Sweden; it bridges Scandinavia and mainland Europe creating a platform for promoting regional collaboration and economic growth. Therefore, we highly recommend Copenhagen as an attractive platform for your investments. We welcome you to join Copenhagen, and when you do we are ready to help you further explore the opportunities for your investments and show you why Copenhagen is a great place to invest. Tony Christrup Chairman of The National Association for Building

Copenhagen’s cycle bridge Cykelslangen (The Bicycle Snake). Photo: Thomas Høyrup Christensen

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SIX REASONS TO ESTABLISH YOUR BUSINESS IN COPENHAGEN HIGH YIELD on investments

A SAFE INVESTMENT HARBOUR

Greater Copenhagen is THE METRO­ POLIS OF THE NORDIC REGION with approximately 3.9 million inhabitants

Extremely LOW TRANSACTION costs

SOME OF THE MOST ACTIVE FOREIGN INVESTORS ON THE DANISH REAL ESTATE MARKET

UNIQUE MORTGAGE system

In the past years the Danish commercial real estate market has become more attractive to foreign investors. Below an overview of some of the foreign investors that have been active on the Danish market in recent years.

Vast new urban DEVELOPMENT AREAS

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Aberdeen Property Investors (United Kingdom) AEW (Germany) BlackRock (USA) Bouwfonds (The Netherlands) Briggen (Sweden) CapMan (Finland) Catella Real Estate (Germany) Citycon (Finland) Coller Capital (United Kingdom) Cordea Savills (Canada) ECE (Germany) InfraRED Capital Partners (United Kingdom) KLP (Norway)

• Meyer Bergman (United Kingdom) • M&G Real Estate (United Kingdom) • M7 Real Estate (United Kingdom) • NEP Partners (United Kingdom) • Niam (Sweden) • NREP (Scandinavia) • Oaktree (USA) • Pareto Ejendom (Norway) • Patrizia (Germany) • Pears Global Real Estate Investors (United Kingdom) • Solstra (United Kingdom) • Standard Life Investment (United Kingdom) • Sveafastigheter (Sweden) • Westbrook Partners (USA) • Wihlborgs (Sweden)

Source: RED Property Advisers.

View over Copenhagen from Christianshavn. Photo: Morten Jerichau

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WHY INVEST IN COPENHAGEN? In 2015, foreign investors’ property investment in Copenhagen came to approximately EUR 2,500m. This is partly due to the fact that Copen­ hagen is considered a safe haven for investors. High yield on investments Yields on investments in Denmark and Copenhagen are high compared with other European countries. An example of favourable investment conditions is the yield on the best located retail properties in Copenhagen. Yields in Copenhagen are higher than in Paris and significantly higher than on the best located retail properties in London, which combined with the Danish mortgage system often results in a high return on invested capital. A safe investment harbour – Low national debt It is fair to say that the concept safe haven seems to fit Denmark when looking at the national debt. The Danish economy has performed well before, during and after the financial crisis. National debt is low, and the Danish economy is one of Europe’s most robust with tight fiscal control, a current account surplus and low inflation. Also, the Danish currency (DKK) is locked to the Euro.

As a result, Denmark gets a AAA rating by Standard & Poor’s. The metropolis of the Nordic region Copenhagen has the advantage of a unique strategic geographical location, linking continental Europe to the rest of the Nordic region. With its premier location, Copenhagen together with the Malmö region creates Greater Copenhagen, a metropolis for the region of approximately 3.9 million residents. Moreover, the region is serviced by Copen­ hagen Airport – the main airport and gateway of the Nordic region. Today, the airport handles more than 25 million passengers per year. This number is expected to nearly double to 40 million passengers per year, as the airport will be expanding over the next couple of years. Low transaction costs The transaction costs in Denmark are actually lower than in most other European countries. Thus, costs in the amount of 5%-6% of the cash price are not unusual. In comparison, the level of costs in Denmark is around 1%-2%. Unique mortgage system Denmark is the country in Europe with the lowest lending costs for the first 60% of the property value. This is due to the unique

mortgage system where the banks’ current annual administration margins are in the region of 0.6%-1.25%. In other European countries, instalments of the same size typically accrue 1.0%-2.5% in banks’ annual administration margins. Low transaction costs as well as low lending costs are both positive factors that boost the effective yields significantly on commercial real estate in Denmark.

Vast new urban development areas Copenhagen offers vast new urban development possibilities near the centre of the city. Copenhagen’s commercial real estate brokers always have commercial real estate properties and development projects to offer and are all able to provide relevant key figures regarding the market as a service to international investors.

YIELDS ON PRIME RETAIL PROPERTIES Q3/Q4 2015 City Amsterdam Copenhagen London Madrid Munich Paris Rome Stockholm

Yield 4.10% 3.60% 2.25% 3.75% 3.30% 3.00% 3.25% 3.90%

Source: RED Property Advisers, Cushman & Wakefield.

Sluseholmen, peninsula in the South Harbour of Copenhagen. Photo: Thomas Høyrup Christensen

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COPENHAGEN BY FACTS A GLOBAL ”TOP-TEN CITY” FOR LIVEABILITY – Mercer 2015 and Monocle 2015

COPENHAGEN WILL BECOME THE FIRST CARBON-NEUTRAL CAPITAL BY 2025.

LOW CORPORATE TAX A corporate tax rate of 22% places Denmark below OECD and European level.

VAST PUBLIC INVESTMENTS A number of vast public investments in Greater Copenhagen are underway in the next ten years, for instance: • The Copenhagen-Hamburg fixed link at Femern (EUR 7.5bn) • Copenhagen Airport expansion (EUR 1.5bn) • Light rail around Copenhagen (EUR 0.5bn) • A Copenhagen Metro City Ring Line (EUR 2.9bn) • ESS & MAX IV, the world’s most powerful neutron source for R&D (EUR 2.0bn).

3.9 M INHABITANTS Greater Copenhagen is Scandinavia’s largest metropolitan area and has the highest number of international companies.

COPENHAGEN AIRPORT Northern Europe’s largest international airport. 26.6 m passengers in total travelled through the airport in 2015.

DENMARK CREDIT RATING: AAA – S&P 2015

Copenhagen from above. Photo: Jacob Schjørring & Simon Lau

33% INCREASE IN POPULATION in central Copenhagen from 2005 to 2027.

ROUGHLY 26,000 NEW CITIZENS BETWEEN THE AGES OF 20 AND 29 WILL MOVE TO COPENHAGEN from 2015 to 2027.

EUROPE’S BEST AND THE WORLD’S THIRD BEST COUNTRY FOR DOING BUSINESS – The World Bank 2015

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Many of the new Copenhageners will live in new housing. Demographic trends also indicate that existing residential areas will be more densely populated, with more children and young people in the city. Population growth demands new housing As Figure 6 shows, the population of Copen­ hagen will continue to increase in the years to come. The population of the City of Copen-

hagen will have increased by approximately 20% in 2027, which is the same level as other Nordic capitals. This illustrates that the Nordic region is experiencing strong population growth in the major city regions these years. To accommodate this growth, a large number of residences will have to be built. Since the beginning of 2006, net growth in the number of residential properties in Copenhagen has risen by 10,300. In the same period, the city’s population has grown more than five times the additional housing. Only one in every five housing units in Copenhagen is owner-­occupied as illustrated in Figure 5. If we are to prevent prices from accelerating rapidly due to the extensive migration to Copenhagen, one measure will be to build many more residential properties.

Sankt Hans torv (Sct. Hans Square). Photo: Ty Stange

Figure 6: The outlook for population growth Source: City of Copenhagen Index

Young families choose Copenhagen More and more families with children are choosing to move to or stay in Copenhagen. Consequently, the number of children and young people, as well as residents between the ages of 30 and 64, will increase faster than the city’s population as a whole. See Figure 4.

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Copenhagen Stockholm

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Figure 4: Population growth 2015-2030 Source: City of Copenhagen

Figure 5: Breakdown of the number of residential properties Source: City of Copenhagen

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Oslo Hamburg

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65-84 30-64

Owner occupied 18%

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Private rented 29%

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Social housing 20% Cooperative housing 33%

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COPENHAGEN BY GRAPHS

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TRANSACTION VOLUME IN 2015

Residential The residential market was by far the largest investment segment in 2015 and accounted for approximately EUR 2.6bn or 38% of the total volume. International investors are still in high demand of newly built rental prop­ erties divided into condominiums, while the old building mass is a highly attractive investment subject among domestic investors. Given the increased demand for residential properties combined with the low interest rate, the residential market shows no signs of slowing down. Office Investment in office properties represented the largest segment in 2015, and the segment still contributes approximately EUR 1.8bn or around 27% of the total volume in 2015. In

the course of 2015 the office market became even more attractive, with several transactions outside Copenhagen City. The market is still mainly dominated by Danish pension funds; however, large real estate companies and international funds have also been active. Retail The investment volume for retail properties increased compared with last year and reached EUR 1.1bn in 2015. Foreign investors accounted for almost 70% of the transactions in 2015, in which Central Group’s acquisition of the department store Illum represents a significant proportion of the transaction volume. The demand for high street properties is still high, but foreign investors have also shown interest in other large cities in Denmark.

Figure 7: Transaction volume in 2015 in Denmark Source: RED Property Advisers

Mio. EUR

The total investment volume in Denmark in 2015 was around EUR 6.9bn, strongly dominated by investment in Copenhagen. On the Copenhagen market, we have seen a high demand in the traditional segments; office, retail and residential, but acquisition of land for development purposes has also increased significantly.

Figure 8: Breakdown of investors for office properties in Denmark Source: RED Property Advisers

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Figure 9: Office properties distributed on Danish and foreign investors in Denmark Source: RED Property Advisers

Institutional Investors 37% Property Funds 20% Real Estate Companies 22% Private Investors 10%

Danish Investor 75%

Other 11%

Foreign Investor 25%

Figure 10: Breakdown of investors for residential properties in Denmark Source: RED Property Advisers

Figure 11: Residential properties distributed on Danish and foreign investors in Denmark Source: RED Property Advisers

Institutional Investors 3% Real Estate Companies 19% Property Funds 51% Private Investors 16%

Danish Investor 56%

Other 11%

Foreign Investor 44%

Figure 12: Breakdown of investors for retail properties in Denmark Source: RED Property Advisers

Figure 13: Retail properties distributed on Danish and foreign investors in Denmark Source: RED Property Advisers

15000 Institutional investor 4%

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Real estate company 12% Property fund 38%

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Office Residental Land

Other

User 38%

Danish Investor 32%

Other 8%

Foreign Investor 68%

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Germany Netherlands

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Key benefits of the mortgage system The strongest benefits of the Danish mortgage system are:

2013q2

When being a foreign investor It is important to emphasise that Denmark maintains a fixed exchange-rate policy vis-àvis the euro area. This means that the aim of monetary and foreign rate exchange policy is to keep the DKK stable vis-à-vis the euro. The main objective of the monetary policy in the euro area is to maintain price stability, i.e. to avoid inflation.

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According to the European Mortgage Feder­ ation, the Danish mortgage system offers one of the lowest interest rates to borrowers across Europe – see Figure 14.

Sweden

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Danish mortgage banks provide mortgage lending at a very competitive price. This has led to a persistent demand for mortgage loans from owners of real property in Denmark, and makes the Danish mortgage market the largest in the world relative to its GDP.

Denmark

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Credit facilities The credit facilities of mortgage banks are governed by statute. The most important lending limits are as follows: • Up to 60% of the market value of commercial properties, and • up to 80% of the market value of residential properties.

The interest rate The interest rate of a mortgage loan and the prepayment price are directly reflected in the price of the mortgage bonds funding the loan. Everyone can monitor bond prices daily, and interest rates mirror the prices investors pay for the bonds.

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One of the World’s best mortgage finance systems The Danish mortgage model is unique, as there is a direct match between the loan an investor raises with a mortgage bank and the bonds a mortgage bank issues to fund a loan. It contributes to securing financial stability because the match funding principle largely eliminates risk in the financial sector. This connection also forms the basis of a trans­ parent and flexible prepayment system. Borrowers may prepay their mortgage loans at any time without negotiating the price – pre-payment may always take place at current market prices. This unique principle is found nowhere else in the world.

The Danish mortgage bond market The bond market has a volume of approximately EUR 330bn and is the second largest covered bond market in Europe. Bond investors are primarily financial institutions, pension funds and investment funds. The high liquidity and the attractiveness of the bonds due to their high security level ensure borrowers very low and competitive prices.

% Variable rate and initial fixed rate up to 1 year

The acquisition of real estate in Denmark is typically financed by Danish mortgage banks.

Figure 14: Variable rate and initial fixed period rate up to 1 year Source: Realkredit Danmark

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THE DANISH MORTGAGE SYSTEM

• Low competitive market-based pricing of loans against mortgages on real property. • Long credit facilities – up to 30 years. • Transparency in prices and repayment terms for the loans. • No prepayment penalty. The loan can be prepaid by buying the underlying bonds at market price. • Flexibility. Mortgage banks offer fixedrate loans, adjustable-rate mortgages and floating-rate loans.

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The student residence Tietgenkollegiet in the Ørestad. Photo: Nicolai Perjesi

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Charges affecting property Two types of charges may affect property: • Easements that give the holder a right to use or control the property for a limited specific purpose. • Restrictive covenants that give the holder the right to require preservation of a certain condition on the land.

Apartments by the water. Photo: Ty S tange

BUYING REAL ESTATE Buying real estate in Denmark involves considerations regarding financing, planning and environmental matters, leases, tax, registration fees, etc. Acquisition rules The right to acquire real estate in Denmark is based on residence. All persons, who have or have had a permanent address in Denmark for a period of five years and companies that have their registered office in Denmark, are allowed to acquire real estate. Completion of real estate transactions Far the most Danish commercial real estate transactions are completed in two stages: • The buyer and the seller draw up a contract of sale, specifying the terms of their agreement. • Title of the property is registered with the Danish Land Register.

When the title document is registered, the buyer’s title will then be protected against the seller’s bona fide assignees and creditors. Registration of land Almost all properties are registered electronically in the land register under individual numbers. Title is registered by electronic application to the court registry. As from the filing of the application, title is protected against subordinated rights holders. Registration fees The stamp duty on transfer of real estate comprises a fixed amount of DKK 1,660, cor­ responding to approximately EUR 220, and a variable amount of 0.6% of the purchase price or the value according to the public land assessment, whichever is the higher. The stamp duty on registration of mortgages comprises a fixed amount of DKK 1,600 and a variable part of 1.5% of the mortgaged amount.

Due diligence The due diligence review is typically divided into commercial, legal, technological, environmental and financial due diligence reviews. Seller’s liability for defects Generally, the seller is liable for defects on the property or the legal affairs of the property, including errors in leases or tenancy agreements. Planning and environmental matters Acquiring real estate in Denmark implies some environmental aspects primarily within physical planning and soil contamination. The Danish Planning Act is a key environmental act as it regulates planning at national, regional and local levels. Heavily polluting activities or facilities that might affect the environment require plan regulations at regional level. Danish environmental law is based on the polluter pays principle.

Leases Danish business leases and commercial landlord/tenant law matters in general are governed by the Danish Business Lease Act. Since the majority of the provisions of the Danish Business Lease Act are non-manda­ tory and may therefore be derogated from by agreement, the Danish Business Lease Act provides a high level of contractual freedom. VAT In principle the sale and purchase of real estate is not subject to Danish VAT (Danish VAT is charged at a flat rate of 25%). However, an anti-avoidance rule states that VAT will apply if a building has been substantially rebuilt. Lease of real estate is prima facie not subject to VAT. However, the owner of the real estate may opt to register the building for VAT purposes, implying that the rent will be subject to VAT. The lessee, if a person subject to VAT, will then be entitled to deduct the VAT. The sale of building sites, the first sale of new buildings complete with land, as well as the delivery of built-up sites will be subject to 25% VAT.

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DEVELOPMENT AREAS IN COPENHAGEN There are several designated development areas close to the centre of Copenhagen. In this leaflet we choose to focus on three significant areas: •  Ørestad is a 3.1 million square metres new business and residential district in Copenhagen, situated right between Copenhagen

Airport and the Øresund Bridge and Copenhagen City with excellent transport links; •  Carlsberg City District that used to house the Carlsberg brewery, with historical buildings to be retained. With new housing, schools and offices Carlsberg City District will create a unique new neighbourhood;

•  Nordhavn, a former industrial and commercial harbour, is being converted into attract­ ive residential properties and offices with distinctive architecture right at the harbour front. Apart from these three examples, urban development takes place in several areas

Copenhagen Harbour. Photo: Adrian Lazar

in Copenhagen. More than 500,000 square metres of new construction is developed for housing, offices and shops in the southern part of Copenhagen Harbour, the eastern part of Amager close to Copenhagen Airport, and areas southwest of the Capital.

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ØRESTAD History Ørestad was the first development area in the region to benefit from the Øresund Bridge to Sweden and the proximity of Copenhagen Airport. The modern city district was developed on former military training grounds close to the city centre. Ørestad is a driver in Copenhagen’s reinvention – a reinvention that brings corporate headquarters, architectural innovation and even Northern Europe’s largest centrally located nature reserve to the heart of the city. Ørestad has experienced an influx of corpor­ ate headquarters, but is also home to around 10,000 residents. Also, Copenhagen’s main convention centre and three of the largest hotels in Scandinavia; AC Hotel Bella Sky Copenhagen, Cabinn Metro and Crowne Plaza Copenhagen Towers are situated in Ørestad. In addition, the IT University of Copenhagen, the University of Copenhagen, the Danish Broadcasting Corporation and Jean Nouvel’s Concert Hall are located in Ørestad. In 2016, The Royal Arena, Copenhagen’s new concert and sports arena, with room for 15,000 spectators, will open in Ørestad.

Location Ørestad is conveniently located between the city centre, the airport and the Øresund Bridge. Being the intersection of transportation lines with six metro stations (running 24/7), direct train service to the airport and direct access to the highway makes Ørestad a regional hub. The distance to the city centre as well as to the airport is about 6 km. Ownership Ørestad is developed by CPH City & Port Development which is jointly owned by the City of Copenhagen and the Danish state. The company sells off land and develops projects on a commercial basis. Volume More than one third of the area has already been developed and the Northern and Central part is almost completed. In the coming years, development will focus on the completion of Ørestad City and Ørestad Syd. The total size of the area is 310 hectares, and 715,000 square metres are available for further development. Current investors Current investors are Danish pension funds such as PensionDanmark and AP Pension, developers such as JM Danmark, NCC and

Bella Sky Comwell. Photo: Claus Starup

Arkitektgruppen, but also Norwegian Steen & Strøm and KLP, Swedish Fastighets AB Balder and Solstra Capital Partners. Do not hesitate to contact CPH City & Port Development to hear more about the possibilities in Ørestad.

CPH City & Port Development www.byoghavn.dk Telephone: +45 3376 9800 E-mail: [email protected]

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Over the next 8-10 years, the historic former brewery located in the centre of Copenhagen is being developed into a vibrant and diverse new city district. When fully developed, Carlsberg City District will comprise 600,000 square metres divided into 45% residential, 45% retail stores, offices and educational institutions and 10% cultural and sports facilities. The new city district will provide approximately 3,000 homes and 4,500 parking spaces and 10,000 jobs.

Left: Carlsberg City District entrance. Right: Boilerhouse market

CARLSBERG CITY DISTRICT History For more than 160 years the site was home to Carlsberg Breweries and it is part of the Danish cultural heritage, not least because it is home to many of Copenhagen’s architectural treasures. When completed, the city district will consist of densely constructed buildings surrounded by charming spaces and squares with narrow streets and alleys combined with open green parks and areas, which also contribute to the unique view from the nine residential towers ranging from 50 to 120 meters in height. Location Carlsberg City District is situated in the centre of Copenhagen, only 2 km from the City Hall square and offers easy access to highways, 500 metres from the metro, and is less than 15 minutes from Scandinavia’s largest airport. Also the new railway station, Carlsberg Station,

will be the central connection hub and main entrance to the new city district. Carlsberg Station opens on 3 July 2016. Ownership Carlsberg City District is owned and developed by the development company Carlsberg Byen P/S, which was established 1 May 2012 and consists of shareholders; Realdania (25%), Carlsberg Breweries (25%), PFA Pension (20%), PenSam (15%) and TopDanmark (15%). Volume In September 2016, Campus Carlsberg, UCC, will be ready to house 10,000 students and the building will take up 56,000 square metres in total. The campus will be ready for occupation short after the opening of Carlsberg Station, which is expected to be one of the busiest in Copenhagen with approximately 24,000 travellers on a daily basis.

One of the current projects is the construction of Bohr’s Tower; the building of the 100 meters tall apartment tower with 88 apartments in sizes varying from 139 to 190 square meters located from the 8th to the 29th floor. The apartments will be ready for occupation in mid-2017. Also the two projects Ottilia House and Jacobsen House will both be completed and ready for occupation by mid-2017. Ottilia House offers 27 residences and 700 square meters for business and Jacobsen House offers 13 exclusive residences and 300 square meters for commercial purposes. In 2016 the construction of another 60,000 square metres will begin alongside the on­ going projects commenced in 2015. Within the 60,000 square meters, approximately 16,000 will be for commercial purposes situated

in traditional and protected frames surrounded by new and modern projects, which will be a mixture of retail shops, cafés, restaurants and offices. Furthermore, the domiciles allow businesses to design leases according to their needs. Furthermore, the construction of the European School opens 1 August 2018 and will be housing 900 students and 3 different lines. Do not hesitate to contact Carlsberg Byen to hear more about the possibilities. Carlsberg Byen www.carlsbergbyen.dk Telephone: +45 7022 1799 E-mail: [email protected]

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The first residential homes were occupied in 2015. Public functions such as day care centres, schools and sports facilities are developed as the district is established.

Nordhavn (North Habour). Photo: Peter Sørensen

NORDHAVN (NORTH HARBOUR) History The former industrial harbour area in ”Nordhavn” (North Harbour) is rapidly changing into a new and attractive waterfront neighbourhood. Nordhavn will be the attractive harbour area close to the city centre, where new islets enhance the view of and access to the sea. Nordhavn is developed in stages. The first offices opened for business in 2014, and in 2015 the first residential homes were occupied. Public functions such as day care centres, schools and sports facilities are developed as the district is established. Currently an outdoor sports area is under construction on the top of a multi storey parking facility. It will open in 2016.

Location Nordhavn is Copenhagen’s northern point of entry. Before 2020, two metro stations will open, thus connecting the area to Copenhagen City even more. Furthermore, the expansion of one of Copenhagen’s main freeways and the future construction of a tunnel to Nordhavn will ensure excellent connections to the national road network. The distance to the city centre is 5 km and about 18 km to Copenhagen Airport. Ownership Nordhavn is owned by CPH City & Port Development which is jointly owned by the City of Copenhagen and the Danish state. The company sells off land and develops projects on a commercial basis.

Volume The size of the first development stage is 625,000 square metres of floor space and available for further development is 400.000 square metres for homes and offices. Current investors Today, the area hosts the United Nations headquarters, global shipping companies, a cluster of design companies and showrooms, a cruise ship terminal and a container terminal.

Do not hesitate to contact CPH City & Port Development to hear more about the possibilities in Nordhavn. CPH City & Port Development www.byoghavn.dk Telephone: +45 3376 9800 E-mail: [email protected]

The first offices opened for business in 2014, and

Current investors are mainly large Danish pension funds such as ATP, Pension­ Danmark and PFA.

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Left: The Black Diamond (the Royal Library). Photo: Morten Bjarnhof. Right: Copenhagen Canals at Christiansborg (the Parliament). Photo: Adrian Lazar

NEXT STEP FOR MORE INFORMATION: www.investcph.com Produced in cooperation with: City of Copenhagen www.kk.dk Copenhagen Capacity www.copcap.com The National Association for Building www.byggesocietetet.dk Real estate broker: RED Property Advisers www.red.dk Mortgage credit institution: Realkredit Danmark www.rd.dk Legal advisor: Bech-Bruun www.bechbruun.com Real estate development: Carlsberg City District www.carlsbergbyen.dk Pension fund: PFA Ejendomme www.ejendomme.pfa.dk