STRICTLY CONFIDENTIAL STRICTLY
INVESTMENT TEASER Individual Investment Sale of Three Prime Office Properties Project Triangle Copenhagen, Denmark Contents
3 Overall Introduction
4 Kongens Nytorv 6
7 Bredgade 40-42
10 Bredgade 45
14 Location
16 The Process
17 Contact Details
STRICTLY CONFIDENTIAL 2 Kongens Nytorv 6
Overall Introduction
Bredgade 40-42 CBRE has been instructed as exclusive advisor to investigate a disposal of these throphy properties comprising office accommodation in the absolute centre of Copenhagen. Additionally, two of the properties have parking spaces on the site.
This is a unique opportunity to acquire high quality and commercially successful, fully let office properties with historic character and architectural merit situated in the heart of Copenhagen; the capital city of one of Europe’s most stable economies.
The Vendor of the Property is Tryg Ejendomme A/S, a fully owned subsidiary of the insurance company Tryg Forsikring A/S. As a part of Tryg’s strategy to further focus on their core business activities and optimise their property investment strategy, they have decided to investigate a disposal of five office properties.
Besides the disposal of these three very attractive office investment properties in central Copenhagen, they have also decided to investigate a Bredgade 45 disposal of the company’s group headquarters in Ballerup, Denmark and the Norwegian office headquarters in Bergen.
Please refer to the separate investment teasers for each of the head quarters, and please note that neither the headquarters nor the three investment properties constitute a portfolio. Potential investors are requested to submit indicative non-binding bids on each of the individual properties; however, a disposal of the properties to one investor is preferred.
STRICTLY CONFIDENTIAL 3 Kongens Nytorv 6
STRICTLY CONFIDENTIAL 4 Kongens Nytorv 6
THE PROPERTY The Property at Kongens Nytorv was built in 1896 with Christian Arntzen as the architect. It was erected for the insurance company Standard, which later changed its name into Skandinavia.
The site area is 1,738 sq m, and the Property has five diverging storeys, excluding basement. The facade is equipped with pillars larger than one storey, and the front building has retained leaded windows with various colours towards the courtyard.
Inside the courtyard is a small pond with carps and good possibilities for bike parking.
The tenant of the entire building is The European Environment Agency (EEA), which is an agency of the European Union. Their task is to provide sound, independent information on the environment.
Furthermore, EEA has a lease in the neighbouring property (no. 8), why there has been made an opening between the buildings.
The Property is worth of preservation.
KONGENS NYTORV 6, DK-1050 Copenhagen K Title no. 206 Sankt Annæ Øster Kvarter, København
STRICTLY CONFIDENTIAL 5 Kongens Nytorv 6
INVESTMENT HIGHLIGHTS • This very prestigious Property was built in 1896. In total, it provides approximately 7,200 sq m of office accommodation.
• A large-sized office property with excellent accommodation layout with future flexibility for further large or small size multi-let units. There is a potential conversion into e.g. hotel.
• The building is in a high state of repair.
• This is an attractive investment opportunity producing stable and secure cash flow with indexation. The property has been fully let to The European Environment Agency (EEA), an agency of the European Union, since 2002.
• Easy access by public as well as private means of transportation. In 2019 the new Metro Circle Line will open in front of the Property and provide access to all metro lines.
• Very attractive micro location near popular recreational areas and within the main shopping pedestrian street Strøget.
• The commercial property market in Copenhagen is strong with increasing prime rental levels, low and declining vacancy rates and high property investment liquidity.
• The Danish macroeconomic environment is solid with Denmark receiving AAA credit rating.
KONGENS NYTORV 6, DK-1050 Copenhagen K Title no. 206 Sankt Annæ Øster Kvarter, København
STRICTLY CONFIDENTIAL 6 40 42
Bredgade 40-42
STRICTLY CONFIDENTIAL 7 Bredgade 40-42
THE PROPERTY The complex is built on a site area of 5,106 sq m on the corner of Frederiksgade and Bredgade.
No. 40 is a modern office property built in 1956 in six storeys, excluding basement and top storey. It was awarded in 1960 by the City of Copenhagen. The Property has further been refurbished in 2009.
The building of no. 40 has basement parking with 20 parking spaces and two garages. Furthermore, there are six parking spaces on terrain – equally split between no. 40 and no. 42.
The iconic building at no. 42, also known as ‘Bernstorff’s Palace’ was built in 1754 in four storeys. It was built as a counterpart to Dehn’s Palace, which is located on the other side of Frederiksgade, to mark the entrance to the royal palace Amalienborg.
Bernstorff’s Palace has also been owned by members of the royal family as well as functioned as a domicile for the Supreme Court before the insurance company Baltica (now Tryg) acquired the property in 1921. In 1958 the property was refurbished and the garden was established. The Property has continually been kept in repair.
The premises of approximately 13,200 sq m are today rented by the Agency for Science, Technology and Innovation (primarily no. 40 and a small part of no. 42), and the anchor tenant of no. 42 is the Eastern High Court.
No. 40 is worth of preservation, whereas no. 42 is listed.
BREDGADE 40, DK-1260 Copenhagen K Title no. 176 Sankt Annæ Øster Kvarter, København
BREDGADE 42, DK-1260 Copenhagen K Title no. 177 Sankt Annæ Øster Kvarter, København
STRICTLY CONFIDENTIAL 8 Bredgade 40-42
INVESTMENT HIGHLIGHTS • The Property provides approximately 13,200 sq m of office accommodation and approximately 20 underground parking spaces.
• A large-sized office property with excellent accommodation layout with future flexibility for further large or small size multi-let units. The buildings are in a high state of repair.
• This is an attractive investment opportunity producing stable and secure cash flow with indexation. The property is fully let to The Danish State since 1996 and 2002 respectively.
• Attractive micro location near popular recreational areas. The neighbouring building is the Amalienborg Palace, the residence of the Danish royal family.
• Easy access by public as well as private means of transportation. A new metro station facing the Property will open in 2019.
• The commercial property market in Copenhagen is strong with increasing prime rental levels, low and declining vacancy rates and high property investment liquidity.
• The Danish macroeconomic environment is solid with Denmark receiving AAA credit rating.
STRICTLY CONFIDENTIAL 9 Bredgade 45
STRICTLY CONFIDENTIAL 10 Bredgade 45
THE PROPERTY The Property has a site area of 2,025 sq m and constitutes Bredgade 45A-C.
It was originally built by Philip de Lange in 1729- 1730; however, Vilhem Dahlerup made a huge refurbishment in 1880.
The building has approximately 4,480 sq m and has previously been used as residential units, which also makes it suitable for several tenants today. Only two residential units remain, the other areas are used for office purposes and restaurant (ground floor in 45A).
The courtyard has 19 parking spaces, which are used by the tenants.
The Property is currently occupied by the Agency of Higher Education and seven other various tenants.
The Property is worth of preservation.
BREDGADE 45A-C, DK-1260 Copenhagen K Title no. 186 Sankt Annæ Øster Kvarter, København
STRICTLY CONFIDENTIAL 11 Bredgade 45
INVESTMENT HIGHLIGHTS • In total, the Property provides approximately 4,480 sq m of office accommodation and surface parking spaces in the courtyard. There are also two residential units with a total area of approximately 370 sq m and a restaurant of approximately 150 sq m.
• A large-sized property with excellent accommodation layout with future flexibility for further large or small size multi-let office units. In addition the property represents a strong future potential for partly conversion into residential units.
• The buildings are in a high state of repair.
• This is an attractive investment opportunity producing stable and secure cash flow with indexation. The anchor tenant is The Danish State occupying approximately 75% of the total area. Occupancy commenced in 1990, 1995, 1996 respectively.
• Easy access by public as well as private means of transportation. A new Metro station will open just by the Property in 2019.
• Attractive micro location near popular recreational areas.
• The commercial property market in Copenhagen is strong with increasing prime rental levels, low and declining vacancy rates and high property investment liquidity.
• The Danish macroeconomic environment is solid with Denmark receiving AAA credit rating.
STRICTLY CONFIDENTIAL 12 Finland Location Sweden
Common for the three trophy properties is their With inspiration from Paris, the buildings in the There is close proximity to the main arterial routes fantastic location in the centre of Copenhagen. The area were required to meet certain standards for that link the city centre with the main motorways inner city is characterised as the oldest neighbourhood the purpose of attracting the wealthy citizens and leading to the south, north, east and west. Metro and of the city with small, idyllic streets and crooked representing New Classicism in Copenhagen. buses are operated from Kongens Nytorv but there houses. At the same time, it also has the most popular are also bus stops leading north from the properties attractions, the political and historic centre, a myriad of FREDERIKSSTADEN at Bredgade. Moreover, a metro station named great shopping streets and restaurants. Frederiksstaden houses the properties at Bredgade. ‘Marmorkirken’ will open in 2019 just next to the It is neighbourhood of Copenhagen named after properties at Bredgade. KONGENS NYTORV King Frederik V. The intention was to uniformise the Norway Estonia Kongens Nytorv is a public square combining both buildings. The neighbourhood had two main axes; Copenhagen Airport can be reached from Kongens business and pleasure. The square was constructed Amaliegade as the long axis and Frederiksgade as the Nytorv Station within 15 minutes and by car within during absolute monarchy but re-shaped in 1908. It short axis. A facade schema was prepared to ensure 20 minutes. The Øresund Bridge to Sweden is only is encircled by buildings on five sides and located at that buildings had the same uniformity. 10 kilometres to the south of the properties and the end of the shopping street Strøget, just before can be reached within 20 minutes. Nyhavn. Like Kongens Nytorv, the area was also a tribute to Gothenburg the absolute monarchy but succeeded much more King Christian V ordered the construction of the in meeting the French precepts regarding strong Latvia square, which was landscaped at a spot in between geometry, identical and symmetric mansions and a the old medieval Copenhagen and the enlargement statue of the king (Frederik V) in the centre. Sweden by King Christian IV towards the north. An equestrian statue of King Christian V on horseback was raised INFRASTUCTURE Denmark in 1688 and is today the oldest equestrian statue and The properties are exceptionally well located in terms royal sculpture in Copenhagen. of infrastructure with easy access by both private and Lithuania public transport. COPENHAGEN
STRICTLY CONFIDENTIAL 13 Germany
Poland ØSTERPORT STATION THE LITTLE MERMAID
KONGENS NYTORV 6 KASTELLET
BREDGADE 40-42
BREDGADE 45
NATIONAL GALLERY OF DENMARK NYBODER
METRO (EXISTING)
METRO CIRCLE LINE BOTANICAL GARDEN REFSHALEØEN (OPENS IN 2019) THE MARBLE CHURCH
ROSENBORG CASTLE
AMALIENBORG PALACE
NØRREPORT STATION
THE OPERA HOUSE
ØRSTEDSPARKEN
UNIVERSITY OF COPENHAGEN HOLMEN THE DANISH ROYAL THEATRE
PAPER ISLAND NATIONAL CATHEDRAL STRØGET
DANMARKS NATIONALBANK DANISH PARLIAMENT
CITY HALL MINISTRY OF FOREIGN AFFAIRS
PLANETARIUM TIVOLI GARDENS THE ROYAL LIBRARY VOR FRELSER CHURCH
CENTRAL STATION GLYPTOTEKET
STRICTLY CONFIDENTIAL 14 Bredgade 40-42 Bredgade 40-42
Kongens Nytorv 6 Kongens Nytorv 6
Bredgade 40-42
STRICTLY CONFIDENTIAL 15 The Process
It is currently envisaged that a sale will involve two principal phase in accordance with the indicative timeline below. Tryg and CBRE do reserve the right to amend, modify, or terminate the sales procedure at any time in their sole discretion.
PHASE 1 PHASE 2 (INDICATIVE)
Week 28 Distribution of the Investment Teaser and the NDA (Non- Week 38-39 Selection of the preferred bidder(s) by Tryg. Disclosure Agreement). Please note that interested parties are requested to sign and return the attached NDA before 3 October Start of investor due diligence including access to the receiving the belowmentioned material. electronic data room, draft lease agreement, draft SPA, additional property inspections and structured Q&A Week 34 Distribution of a detailed Instruction Letter, the Investment sessions. Memorandum, Excel attachments incl. tenancy schedule and NOI and access to a CBRE dedicated Transaction Week 46 Final binding bid. Website. Week 47 Signing of contract. Week 35-37 Property inspections and preliminary Q&A on site. Please note that property videos will be available as part of the 15 December Completion procedures, closing and takeover. Transaction Website.
19 September Indicative closed non-binding bids to be delivered to CBRE.
STRICTLY CONFIDENTIAL 16 Contact Details Disclaimer CBRE A/S on its behalf and for the Vendor of the properties, including the corporate structures holding the properties, whose All contact or correspondence of any kind must be directed agents they are, give notice that:
exclusively to CBRE, and to no other person or business, 1. This Investment Teaser sets out as a general outline only for unless otherwise advised in advance in writing by the guidance to potential purchasers, and do not constitute any part of an offer or contract. current owner of the properties. Under no circumstances, 2. Except as otherwise set out in the Investment Teaser, the should employees of the Vendor be contacted directly. Teaser is based on information received from the Vendor of this property. Neither CBRE A/S nor the Vendor can be held
CBRE A/S Attention: liable for any change in the information. Rued Langgaards Vej 6-8 Managing Director Niels Cederholm DK-2300 Copenhagen S [email protected] 3. Whilst CBRE A/S and the Vendor use reasonable Denmark Phone +45 35 44 09 28 endeavours to ensure that the information in this Investment Mobile +45 40 42 59 90 Teaser is materially correct, any potential purchasers or third parties should not rely on them as statements or Senior Director Michael Pedersen representations of fact, but must satisfy themselves by [email protected] thorough due diligence including inspection, searches, Phone +45 35 44 09 16 enquiries, surveys or otherwise as to their accuracy. CBRE Mobile +45 29 44 30 92 A/S and the Vendor as such cannot be held responsible for any loss or damage including without limitation, indirect or Investment Associate Daniel Marthendal consequential loss or damage, or any loss of profits resulting [email protected] from direct or indirect actions based upon the content of Phone +45 35 44 00 09 this Investment Teaser. It should also be noted that any Mobile +45 53 69 22 98 forecasts, projections and forward-looking statements in the Investment Teaser are dependent inter alia on the validity of the assumptions on which they are based and that no CBRE LTD Attention: Henrietta House Managing Director Jonathan Hull responsibility is accepted by either the Vendor or CBRE A/S Henrietta Place [email protected] for the realisation thereof. London W1G 0NB Phone +44 (0) 20 7182 2706 United Kingdom 4. No person in the employment of CBRE A/S has any Senior Director Nick Hendy authority to make any representation or warranty [email protected] whatsoever in relation to these properties, including the Phone +44 (0) 20 7182 2428 corporate structures holding the properties.
STRICTLY CONFIDENTIAL 17 CBRE A/S Rued Langgaards Vej 6-8 DK-2300 Copenhagen S Denmark STRICTLY CONFIDENTIAL STRICTLY