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A consortium consisting of Realdania, PenSam, PFA Pension and Topdanmark has just bought the old Carlsberg site in Valby for approximately 2.5 billion DKK.
Carlsberg describes the trade as the largest private real estate transaction ever within property development in Denmark.Portfolio manager Søren Felden Nielsen from Realdania says:
"When you enter into a deal as large and complex as this one, it is necessary to get an overview of the financial implications and practical challenges that can arise in the wake of the takeover. COWI's due diligence study helped to give the consortium the needed overview."
COWI's role has mainly been to proof test the assessments Carlsberg has based the sale on. Market Director at COWI, Laila Stub explains:
"It is obviously interesting for the buyers to know how much it will cost to renovate the 50,000 m2 of listed buildings in order to reach a modern standard."
She adds that COWI's studies also gave the buyers an overview of the challenges in relation to site preparation and future constructions on the site.
COWI's analyzes have also uncovered some of the challenges the consortium can expect when they begin to build on the Carlsberg site.
One challenge is the subsurface geology. The Carlsberg site lies in an area with large volumes of water in the subsoil. These large bodies of water can be a challenge for the construction of underground car parks.
COWI has described to the buyers how the large amounts of water must be handled in connection with the construction, the demands the water volumes will make on the construction methods, as well as what the buyers should expect this to cost.
The task is performed in collaboration with Accura and Deloitte. Kristoffer Westberg from Accura, who was responsible for bringing together the input from everybody concerned, says about the collaboration with COWI:
"COWI has delivered on time, and it has been a very smooth collaboration."
The buyers of the new consortium expect the first buildings to start soon. When Carlsberg City is fully developed, it will accommodate 567,000 m2 of housing, hotels, domiciles and facilities for cultural and sports activities as well as public institutions. Carlsberg City will be realized in stages over the next 15-20 years.
By Kirsten Andersen, firstname.lastname@example.orgPublished on 13.9.2012
When Carlsberg in 2006 decided to move the beer production from Valby in Copenhagen to Fredericia, it was the end of more than 160 years of brewing operations at the site. However, it was also the start of transforming the old 330,000 m2 brewery site into a new neighborhood in the heart of Copenhagen.
Valad Property Group - due diligence