MARKET REPORT - RED PROPERTY ADVISERS

MARKET REPORT - RED PROPERTY ADVISERS
Issue III 2014 - Copenhagen
The iconic brewery "Trekroner" is
now in the market as a modern office
building
EXECUTIVE SUMMARY
STILL HIGH DEMAND AND SECONDARY MARKETS TAKE OFF
”
"The investment volume is
high, the vacancy rate is
decreasing and yields are
dropping."
As a result of the high demand for – and
limited supply of – prime investment
objects, some investors have entered the
secondary markets at a large scale. Our
focus article in this issue elaborates on
this subject and presents evidence for
volumes in secondary markets.
All in all we experience a strong investment market, a bettering office letting
market and a general optimism towards
the economy and business expectations.
We are merely a year from the threat of
a collapse of the Euro, in the midst of
a diplomatic - potentially very real crisis - with Russia and close to a full blow
military operation in the Middle East,
but these factors do not seem to discourage investors at the moment. Perhaps the
expected stability in Denmark is one of
the reasons for the high demand we experience.
INVESTMENT MARKET
OFFICE
2014 Q1 2014 Q2 CHANGE
Prime yield (Copenhagen City)
5.25%
5.00%
- 0.25 bp
Secondary yield (Copenhagen area)
7.25%
7.25%
0.00%
Investment volume in mill. (estimated)
273 €
194 €
-79 €
10.10%
8.80%
- 1.3 bp
Vacancy (Copenhagen City)
RETAIL
2014 Q1 2014 Q2 CHANGE
Prime yield (Copenhagen City)
4.50%
4.25%
Secondary yield (Copenhagen area)
6.25%
6.25%
0.00 bp
99 €
287 €
+ 188 €
Investment volume in mill. (estimated)
- 0.25 bp
TRANSACTION VOLUME LAST 12 MONTHS
1.400
1.200
1.000
M€
This issue of our market report confirms
some of the positive trends that we as
advisers, the investors and other actors
in the market for commercial real estate experience these days. The investment volume is high, the vacancy rate
is decreasing and yields are dropping.
Prime properties – especially high street
retail – are in great demand which has
resulted in yield compressions at an unprecedented pace. The spread compared
to other European metropolis such as
London, Paris, Munich and Stockholm
is, however, still high and the Danish
mortgage financing is very attractive,
hence we might experience further price
increases in the quarters to come.
800
600
Enjoy the report!
Nicholas Thurø
Managing Partner
RED Property Advisers
400
200
0
Retail
Office
Residential
Hospitality
Other
ISSUE III 2014
LIST OF CONTENT
ISSUE III FOCUS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
MACROECONOMICS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
INVESTMENT MARKET
OFFICE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
RESIDENTIAL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
RETAIL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
HOTEL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
TRANSACTIONS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
OCCUPIER MARKET
OFFICE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
RETAIL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
RETAIL - FOOTFALL ANALYSIS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
APPENDIX - DANISH TRANSLATION
DANSK VERSION AF FOKUS ARTIKEL. . . . . . . . . . . . . . . . . . . . . . . . . 22
ISSUE III 2014
ISSUE III FOCUS
ISSUE III 2014
1 / 24
DANSK VERSION PÅ SIDE 22
ISSUE III FOCUS
THE SECONDARY MARKETS ARE BREATHING AGAIN
For a long time the demand for prime
assets has been high and now our latest transaction figures show that secondary located properties are being
traded to a greater extent as well. During the period after the financial crisis
there was a substantial decrease in
transactions with secondary located
properties, but this tendency has now
changed and we expect the volume to
increase further in the years to come.
FIGURE 1: SECONDARY LOCATED OFFICE PROPERTIES IN GREATER COPENHAGEN
DKK
MMDKK
4.500
4.000
3.500
3.000
2.500
2.000
During the period after the financial
crisis the real estate market was characterized by limited access to financing
and high risk aversion among investors.
The result was a market dominated by
few big and financially strong players,
whom mainly focuses on prime properties in Copenhagen. As shown in Figure
1 transactions with secondary properties decreased significantly from 2008 to
2011. During 2012 the market seemed
to soften up and especially during 2013 a
significant bettering was observed with a
transaction volume for secondary located
properties in Greater Copenhagen that
reached approx. DKK 2.5bn cf. Figure
1. Based on the transaction volume for
the first 6 months of 2014 (DKK 1.9bn)
we expect this positive trend to continue
and the transaction volume in 2014 for
secondary located commercial properties
to subseed 2013.
”
"..attracts more investors
looking to achieve a high
return on investment..."
This development has various reasons.
Primarily it is a result of a limited supply of prime properties compared to demand. As a result of the lack of prime
properties the yield was compressed,
which has lead the investors to search
for new segments – including secondary
located properties – in order to achieve
higher yields. Due to the fact that mortgage loans for secondary located properties has been difficult to obtain, unless
there was an existing loan that could
FOCUS
MACROECONOMICS
1.500
1.000
500
0
2008
2009
2010
2011
2012
2013
2014E
Source: RED Property Advisers
be taken over, investors haven’t sought
this segment during the recent years.
If mortgage cannot be achieved the acquisition must be financed with equity.
This results in a lower return on equity
compared to properties where mortgaging is e.g. 60 % of the purchase price.
Recently, financially strong and more
risk-tolerant investors such as Briggen,
M7 / Oaktree, Wihlborgs and Niam
have made investments in more secondary office areas, which has resulted in a
greater confidence in the present market.
This helps to increase transparency in the
market and facilitating access to finance,
which attracts more investors looking to
achieve a high return on investment in
secondary locations.
FINANSIEL STABILITET SELLS OUT
Since 2008, the market has also been
strongly influenced by the liquidation
company of the State, Finansiel Stabilitet. This has increased the supply and,
with all things being equal, put pressure
on the prices in the areas where Finansiel
Stabilitet had bundles of properties sold.
During the recent quarters Finansiel
Stabilitet has liquidated massively and it
is expected that Finansiel Stabilitet will
be phased out during 2015. This will
INVESTMENT MARKET
bring the market one step closer to a
"natural" condition. It should further be
mentioned that of all transactions with
secondary located office properties in
Greater Copenhagen the part of which
Finansiel Stabilitet was liquidating was
13.7% in 2013 and only 8.3% in 2014
so far.
Likewise the focus on liquidation of
Finansiel Stabilitet has contributed to
an increased interest from a number of
foreign investors. This has had a positive
impact in the investment market in the
form of new foreign entrants.
POSITIVE TENDENCIES IN THE MARKET
A number of economic indicators seem
to support that the positive trend in the
secondary markets will continue.
For a while economists have announced
that the Danish economy is recovering
and the year of 2014 is expected to experience the highest growth since 2010.
These positive outlooks for the Danish economy are also supported by the
consumer behaviour. As illustrated in
Figure 2, the sale of passenger cars are
at the highest level in the past 10 years
and has increased nearly 80% since the
OCCUPIER MARKET
APPENDIX
ISSUE III 2014
2 / 24
crisis. Moreover, the percentage of more
expensive cars has increased from 20% to
nearly 25%.
The economy is far less pressured than
before and companies are doing better.
The number of newly established companies is at a higher level than in 2009
(see Figure 2). Furthermore, the number
of bankruptcies is declining steadily. The
level of bankruptcies is developing toward the same level as before the crisis,
reflecting a stronger economy and an adjustment of the restrictive lending policy
led by the banks during the years immediately after the housing bubble.
FIGURE 2: SUPPORTING PARAMETERS
Index: 2009 = 100
200
180
160
140
120
100
80
60
40
20
The positive trends in the Danish economy and among Danish companies, combined with better financing possibilities,
has left its mark in the real estate market
- both in the private market and in the
investment market.
0
2005
2006
2007
2008
Foreclosures - Commercial real estate
2009
2010
2011
2012
Bankruptcies (companies)
2013
2014
No. of private cars sold
Source: Statistics Denmark
The number of forced sales with commercial properties increasing from 2007 to
2010 but has been decreasing ever since
(Figure 2) with the expectation of further
decrease in the coming years. Moreover,
the percentage of forced sales on commercial properties is as low as 3.9% of
the total forced sales for all properties,
which is the lowest in the period between
2000-2014.
Based on the trends and expectations of
the market as well as the economy, we
have positive anticipations for the market
in the coming years. A market characterized by less restrictive access to financing,
more investors with different risk profiles
and a significant increase in transactions
with secondary commercial properties
encourages optimism.
FOCUS
MACROECONOMICS
INVESTMENT MARKET
OCCUPIER MARKET
APPENDIX
ISSUE III 2014
3 / 24
MACROECONOMICS
ISSUE III 2014
4 / 24
MACROECONOMIC OVERVIEW
EXPECTATIONS
To summarize, the expectations within
the Danish business community are
indeed positive. The question is just
whether or not the expectations will be
converted to real figures.
Despite positive expectations, the GDP
only increased by 0.5% in the first half
of 2014 due to a descrease in 2nd quarter. However, the outlook for the GDP is
positive and the GDP is expected to pick
up by 1.4% in 2014.
FOCUS
MACROECONOMICS
2014Q3
2014Q3
2013Q1
2013Q1
2014Q1
2012Q3
2012Q3
2014Q1
2012Q1
2012Q1
2013Q3
2011Q3
2011Q3
2013Q3
2011Q1
2011Q1
2010Q3
2010Q1
2009Q3
2009Q1
2008Q3
2008Q1
2007Q3
2007Q1
2006Q3
2006Q1
2005Q3
-2
2005Q1
0
-4
-6
-8
-10
Source: Greens Analyseinstitut
EXPECTATION WITHIN THE ECONOMY
(EMPLOYMENT: NET = RECRUITMENTS - DISMISSALS)
50
40
30
20
10
2010Q3
2010Q1
2009Q3
2009Q1
2008Q3
2008Q1
2007Q3
2007Q1
-20
2006Q3
0
-10
2006Q1
The general economic cyclical forecast,
which is an indicator for the GDP, has
since 1st quarter 2013 been at a positive level and was at 2.3 for 2nd quarter
2014 - a slight fall from the 1st quarter
level at 2.9. The expected employment
for the 6 months to come is at the highest observed level since 2011. Further,
the expectations to the operating profit
compared to last year have increased
more than 25 %.
2
2005Q3
The figures show, in which direction several key parameters in the economy are
expectedly moving according to more
than 500 leaders in the Danish business
community.
4
2005Q1
”
"...the expectations within
the Danish business
community are indeed
positive."
6
2004Q3
In macroeconomics, it is a well-known
fact, that the economy is depending on
expectations to a wide extend. Since the
economy is highly influenced by consumer expectations, investor expectations and the generel behavior of businesses, economic expectations are of
great importance to the market psychology.
ECONOMIC CYCLICAL FORECAST (GDP INDICATOR)
2004Q3
In this issue of our market report the
focus in the macro session is; What
are the expectations within the economy?
-30
-40
-50
-60
Expectations for employment
Source: Greens Analyseinstitut
INVESTMENT MARKET
OCCUPIER MARKET
APPENDIX
ISSUE III 2014
5 / 24
INVESTMENT MARKET
ISSUE III 2014
6 / 24
INVESTMENT MARKET - OFFICE
INSTITUTIONAL INVESTORS COUNTS 50 % OF THE OFFICE INVESTMENTS
Positive trends in both the labour market
and in consumer confidence have helped
keep the economic growth elevated. Office trading volumes in the second quarter where dampened slightly from first
quarter, albeit offices remain one of the
more sought after property segments.
Despite the drop in 2nd quarter the total
volume for the year is higher than at the
same time in 2013.
”
INVESTOR DISTRIBUTION - LAST 12 MONTHS (TOTAL VOLUME: 7.5 BN DKK)
2%
6%
19%
"Investors’ interest in
Copenhagen City Centre is
expected to remain high..."
1%
50%
16%
Driven by domestic buyers, investor focus remains on high-quality, well-located
properties in Copenhagen City and the
harbour areas. However, due to several
reasons the secondary market is becomming more attractive (cf. focus article).
The prime yield went down in 2nd quarter from 5.25 % to 5.00 % for Copenhagen City. Secondary yields were stable
too. Thus, the yield spread remains relatively large and the 'first-mover' investor
may profit of relatively high yields.
Investors’ interest in the Copenhagen
City Centre is expected to remain high
and the increasing demand combined
with limited numbers of prime assets
may result in yield compression in 2015.
Further we expect a number of foreign
investors to enter the office property
market, in absence of especially prime
retail assets.
The most significant transaction in the
past quarter is the 735 M portfolio acquisition of former SAS-buildings in
Kastrup near the airport bought by PFA
and Thylander. The seller of the portfolio
was Landic Properties.
FOCUS
MACROECONOMICS
6%
Developer
Institutional investor
Private investor
Property fund
Public institution
Real estate company
User
Source:
RED Property Advisers
YIELDS
SUBAREA
Q2 2012
Q2 2013
Copenhagen City (CBD)
5.00%
5.25%
5.00%
Copenhagen E & W
5.75%
5.75%
5.75%
Frederiksberg
6.00%
6.00%
6.00%
Harbour areas
5.00%
5.00%
5.00%
South Harbour
6.00%
6.00%
6.00%
Ørestad
6.00%
6.00%
5.75%
Copenhagen N & NW
6.50%
6.50%
6.50%
South and west of Copenhagen
7.75%
7.25%
7.25%
North of Copenhagen
5.25%
5.25%
5,25%
INVESTMENT MARKET
OCCUPIER 
MARKET
APPENDIX
Q2 2014
ISSUE III 2014
7 / 24
INVESTMENT MARKET - RESIDENTIAL
THE LARGEST INVESTMENT SEGMENT THE LAST 12 MONTHS
Within the residential investment market
property funds, real estate companies and
intuitional investor continues to be the
dominant investors, but also private investors have their market share.
INVESTOR DISTRIBUTION - LAST 12 MONTHS (TOTAL VOLUME: 9.6 BN DKK)
In the first half of 2014 DKK 2.9 bn net
worth of residential properties were traded
in Greater Copenhagen. Compared to the
first half of 2013 it is a decrease of DKK
1.2 bn. The total transaction volume in
Denmark for the first half of 2014 was
DKK 4.5 bn compared to DKK 4.9 bn for
the same period last year.
”
2%
1%
9%
"..there is generally a
shortage of housing in the
capital.."
28%
The investor-demand is still present, especially in (greater) Copenhagen, and
is expected to continue to be so. Due to
the fact that net 10-11,000 citizens per
year is expected to move to Copenhagen,
residential properties in Copenhagen are
considered to be low-risk asset and attracts
several investor types. Thus, the reason
for the decreasing transaction volume in
greater Copenhagen should be found in a
relatively low supply rather than a decreasing demand.
Prime yields and rent levels were stable the
past quarter.
FOCUS
MACROECONOMICS
32%
28%
Institutional investor
Other
Private investor
Property fund
Real estate company
User
Source:
RED Property Advisers
PRIME MARKET RENT - DKK/SQM
YIELDS
SUBAREA
SUBAREA
Q2 2014
Q2 2014
Copenhagen City
1,800-2,000
Copenhagen Area - rent control
2.00 - 3.00%
Copenhagen E & W
1,600-1,800
Copenhagen Suburb - rent control
3.00 - 4.00%
Frederiksberg
1,800-2,000
Copenhagen Area - market rent
4.00%
North Harbour
1,800-2,000
Copenhagen Suburb - market rent
4.50%
South Harbour
1,400-1,600
Copenhagen S
1,400-1,600
Copenhagen N & NW
1,400-1,600
North of Copenhagen
1,700-1,900
INVESTMENT MARKET
OCCUPIER 
MARKET
APPENDIX
ISSUE III 2014
8 / 24
INVESTMENT MARKET - RETAIL
HIGH ACTIVTY AMONG INTERNATIONAL INVESTORS
The investment activity has indeed been
high in the past months for retail investment properties. In the second quarter of
the year the activity accelerated considerably, with approx. DKK 2.4 bn worth of
retail assets. The international investors
were once again active in the market, underlined by Cordea Savills’ DKK 1.2 bn
investment in prime retail in Copenhagen
City, including the acquisition from Meyer
Bergman of 5 retail properties all located
on Købmagergade for DKK 522 m. In total, 68% of the total retail transactions in
first half of 2014 were performed by international investors.
”
INVESTOR DISTRIBUTION - LAST 12 MONTHS (TOTAL VOLUME 8.5 BN DKK)
18%
46%
31%
"...the prime yield is under
pressure and is expected to
decrease further."
5%
The investment market is generally stable,
but due to the high demand for high street
units at Strøget and Købmagergade the
outlook is promising. Indeed, Denmark
will remain a safe market to invest in and
activity is likely to stay high throughout
the year.
Institutional investor
Private investor
Property fund
Real estate company
Due to a limited supply compared to demand of prime retail assets, the prime yield
is under pressure and is expected to decrease further.
We forecast the transaction volume for
more secondary located retail properties
to increase, due to the lack of prime retail
properties and due to the generel "hunt for
yield".
FOCUS
MACROECONOMICS
Source:
RED Property Advisers
YIELDS
CITY
STREET/SUBMARKET
Q2 2012
Q2 2013
Copenhagen
Strøget (incl. Vimmelskaftet)
5.00%
5.00%
4.25%
Copenhagen
Strøget (secondary pedestrian area)
5.00%
5.25%
5.00%
Copenhagen
Østerbrogade
5.50%
5.50%
5.50%
Copenhagen
Nørrebrogade
6.25%
6.25%
6.25%
Copenhagen
Købmagergade
5.00%
5.00%
4.25%
Copenhagen
Lyngby
5.50%
5.50%
5.75%
Copenhagen
Suburban
6.50%
6.75%
6.75%
Aarhus
Søndergade
5.25%
5.25%
5.25%
INVESTMENT MARKET
OCCUPIER 
MARKET
APPENDIX
Q2 2014
ISSUE III 2014
9 / 24
Købmagergade 17-19 was part of a
portfolio acquired by Cordea Savills
ISSUE III 2014
10 / 24
INVESTMENT MARKET - HOTEL
IMPROVEMENT IN PERFORMANCE OF HOTELS IN COPENHAGEN
In Denmark there are more than 43,000
hotel rooms to host foreign visitors. In Copenhagen alone there are approx. 20,000
hotel rooms. During the first 6 months
of 2014 the hotels in Copenhagen have
managed to increase their performance in
all important parameters compared to the
same period in 2013. In average, ADR increased with 7% while RevPAR increased
13% - indicating higher room prices and
optimization of the hotel’s revenue. Also the
percentage use of capacity increased - from
59% to 63% - which displays an ability to
increase the sale of hotel rooms more than
the increase in capacity; i.e. higher demand.
FIGURE 1: CAPACITY OF HOTEL ROOMS
No . of hotel rooms
40.000
70
35.000
60
30.000
50
25.000
30
15.000
20
10.000
10
5.000
-
2000
2007 2008
2016E
2000 2001
2001 2002 2003 2004
2004 2005 2006 20072
0082 2009
009 2010 2011
20112 2012
012 2013
20132 2014E
014 2015E
2015 2016
(est.) (est.) (est.)
Denmark
Source:
HOTEL CAPACITY
Despite the financial crisis and a significantly increasing number of bankruptcies from
2008-2010, the capacity of hotel rooms
has been increasing at a higher pace than
before the crisis – especially in Copenhagen, where the capacity has increased with
more than 6,000 rooms since 2008. This
is an increase of 23% compared to 16.5%
for Denmark in total in the same period.
The growth in capacity is primarily driven
40
20.000
Due to the tourism seasons, the ADR,
RevPAR and the use of capacity are significantly higher in May and June compared to the months from January to April.
A hotel’s ability to generate profit is highly
affected by the capacity of hotel rooms
and therefore the hotel's ability to utilize the demand. The latter is further affected by external and macroeconomic
factors such as consumer confidence.
Use of capacity in %
80
45.000
Copenhagen
Use of capacity, Denmark
-
Use of capacity, Copenhagen
HVS London
DEMAND
by large and financially strong hoteloperators, such as Arp-Hansen and Cabinn, who
also represent a great part of the pipeline.
In 2013 nearly 13 M people stayed in a
hotel in Denmark. Approx. 7 M were of
domestic origin and 6 M were foreign.
The hotels are therefore not only affected
by the economic situation in Denmark
but just as much in foreign countries.
As illustrated in Figure 1 the capacity of
hotel rooms is estimated to increase further with at least 7.6% in Denmark and
6.9% in Copenhagen over the next three
years. At a European level more than 904
new hotels are in pipeline, which extends the total European capacity with
more than 145,465 rooms. The greatest
growth in capacity is expected to be in
UK with 41,831 new rooms in pipeline.
Following UK both Russia, Germany,
Turkey, Italy and France are expected to
increase with at least 4,000 rooms each.
When analyzing segments with regards
to turnover it is important to notice,
that guests on vacation has a lower daily
spending than business travelers. In 2012
a visitor on vacation had an average daily
spending of 1,230 DKK and a business
traveler 1,813 DKK, while a congress member spent 3,100 DKK daily. This difference
TABLE 2: HOTEL PERFORMANCE, COPENHAGEN - KEY FIGURES
January
Februar
March
April
May
June
2013
2014
2013
2014
2013
2014
2013
2014
2013
2014
2013
2014
Use of capacity (in %)
45%
50%
47%
52%
50%
59%
61%
63%
71%
75%
78%
80%
ADR in DKK
670
715
654
728
651
717
750
730
834
878
819
916
RevPAR in DKK
325
379
338
406
363
450
496
505
660
721
696
798
ADR: Average Daily Rate RevPAR: Revenue pr. available room
Source: NHC & Statistics Denmark
FOCUS
MACROECONOMICS
INVESTMENT MARKET
OCCUPIER 
MARKET
APPENDIX
ISSUE III 2014
11 / 24
can be explained from the fact that people
on vacation often travel together with family and friends, with whom they stay in
the same hotel room, while a business traveler or a congress member often travels alone
and buys more expensive food. As shown
in figure 2 the distribution of segments is
very even in Copenhagen. In Copenhagen
55% of all hotel visitors are related to vacation while 43% are related to business.
”
FIGURE 2: DISTRIBUTION OF VISITORS IN COPENHAGEN
8%
2%
31%
"Since 2009 the capacity of
hotel rooms has increased
14%..."
47%
Sweden is the biggest foreign market for
hotel guests staying in Denmark followed
by the other neighbor-countries Norway,
UK and Germany. Together they account for more than 50% of all fore-ign
visitors staying in a hotel. Besides a growth
in number of hotel visitors from those
markets, there has been a large increase
in number of hotel visitors coming from
the BRIK countries and strong economies
such as Austria and Switzerland. The fastest growing market is China with an increase in hotel visitors of 182% since 2009.
Since 2009 the capacity of hotel rooms
has increased 14% compared to an increase in total number of hotel visitors
of 29%. Together with the increasing
demand for hotel rooms, this indicates
that the hotels will be able to keep increasing their use of capacity and as a result of this bettering their performance.
12%
Business and congress (individual)
Business and congress (group)
Vacation (individual)
Vacation (group)
Other
Source:
Statistics Denmark
FIGURE 3: NUMBER AND ORIGIN OF HOTEL GUESTS IN DENMARK
No . of visitors
14.000.000
12.000.000
10.000.000
8.000.000
6.000.000
4.000.000
2.000.000
-
2008
2009
Domestic
Source:
FOCUS
MACROECONOMICS
20102
2010
International
0112
2011
0122
2012
013
2013
Total number of visitors
Statistics Denmark
INVESTMENT MARKET
OCCUPIER 
MARKET
APPENDIX
ISSUE III 2014
12 / 24
The office and retail project on
Axeltorv 2 was recently sold to ATP
and PFA for approx. DKK 1.5 bn.
ISSUE III 2014
13 / 24
TRANSACTIONS
ISSUE III 2014
14 / 24
TRANSACTIONS
OFFICE
SIZE
(SQM)
PRICE
(M DKK) VENDOR TYPE
STREET NAME
LOCATION
DATE
VENDOR NAME
BUYER TYPE
BUYER NAME
Vallensbæk Company
House
Vallensbæk
2014/Q3
8,800
162 Developer
NCC Property Development
Institutional investor
PKA
Landskronagade 33-35
CPH East
2014/Q3
14,000
175 Institutional investor
MP Pension
Institutional investor
PensionDenmark
Holmboes Allé
Horsens
2014/Q3
12,000
Borups Alle 177
CPH NW
2014/Q3
26,000
Conf. User
Horsens Kommune
Private investor
Private investor
Conf. User
KPMG
Institutional investor
ATP
SAS Portfolio
Kastrup
2014/Q2
88,000
Kirstinehøj 56
Kastrup
2014/Q2
2,600
Landic Property
Institutional investor
PFA and Thylander
Confidential
Private investor
Esplanaden 6-8
CPH City
2014/Q2
9,061
Private investor
Lægernes Pensionskasse
Real estate company
Jeudan
Skolevej 6
Glostrup
2014/Q2
6,960
Havnegade 23-27 /
Tordenskjoldsgade 34
University College Capital
Property fund
Niam
CPH City
2014/Q2
5,750
Danica Pension
Real estate company
Jeudan
Dusager 25
Aarhus
2014/Q2
11,667
Nybrovej 116
Kgs. Lyngby
2014/Q2
10,581
87 Bankruptcy
Dansk Erhvervsprojekt
Institutional investor
Industriens Pension
Phil og Søn
Property fund
Niam
Artillerivej 86
CPH SW
2014/Q2
16,317
Kultorvet 11-13 &
Rosengården 2-4
95 Institutional investor
Finansiel Stabilitet
Real estate company
Private investor
CPH City
2014/Q2
3,638
64 Real estate company
Goldschmidt Ejendomme
Institutional investor
Pensionskassen For
Lægesekretærer
Otto Mønsteds Plads 11
CPH W
2014/Q1
10,692
125 Institutional investor
Confidential
Institutional investor
AP Pension
735 Real estate company
42 Developer
156 Institutional investor
41 User
Conf. Institutional investor
140 Developer
HOTEL
PRICE PR. ROOM
(DKK)
HOTEL NAME
LOCATION DATE
First Hotel Mayfair
CPH W
2014/Q2
Hotel Kong Frederik
CPH W
2014/Q1
809,090
Hotel Hvide Huse
Aalborg
2013/Q4
Confidential
Confidential Helnan Gruppen
CALUM
Hotel Aarslev
Brabrand
2013/Q4
Confidential
Confidential Helnan Gruppen
Danske Hoteller
Hotel Neptun
CPH City
2013/Q3
917,293
122 Sold by creditor
Ledernes Konference Center
Odense
2013/Q3
Confidential
Skt. Petri
CPH City
2013/Q2
2,037,201
2,300* First Hotels
Choice
Vesterbro
CPH W
2013/Q2
2,037,201
2,300* First Hotels
Choice
Amaranten (Sweden)
Stockholm
2013/Q2
2,037,201
2,300* First Hotels
Choice
First Hotel Kolding
Kolding
2013/Q2
643,939
85 Slotmøllen
Nordbo Huse
Scandic Esbjerg
Esbjerg
2013/Q2
625,850
92 Private investor
Private investor
Kokkedal Slot
Hørsholm
2013/Q1
Confidential
Confidential
PRICE (M DKK) VENDOR NAME
Confidential K/S NorGani Hotel ApS
89 Norden
Confidential Ledernes Aktieselskab
Confidential Kjær & Lassen
BUYER NAME
First Hotels
Fritz Henrik Schur
Hildebrandt Family
H. C. Andersens Kongres Center A/S
M. Goldschmidt Ejendomme
* Total portfolio price
FOCUS
MACROECONOMICS
INVESTMENT MARKET
OCCUPIER 
MARKET
APPENDIX
ISSUE III 2014
15 / 24
RETAIL
SIZE
(SQM)
PRICE
(M DKK) VENDOR TYPE
STREET NAME
LOCATION
DATE
VENDOR NAME
BUYER TYPE
BUYER NAME
Lyngby Station (Arcade)
Kgs. Lyngby
2014/Q3
8,369
Østergade 33-35
CPH City
2014/Q3
1,925
215 Real estate company
DSB
Property fund
NREP
Aberdeen
Property fund
Disa grunden
Herlev
2014/Q2
44,000
Conf. Real estate company
Cordea Savills
Nordicom
Property fond
NREP
Frederiksgade 25
Aarhus
2014/Q2
4,692
Købmagergade 15
CPH City
2014/Q2
332
208 Real estate company
Private investor
Real estate company
AAA United
45.8 Property fund
Meyer Bergman
Property fund
Cordea Savills
Købmagergade 17-19
CPH City
2014/Q2
5,363
321.4 Property fund
Købmagergade 39
CPH City
2014/Q2
1,509
Meyer Bergman
Property fund
Cordea Savills
Private investor
Private investor
Private investor
Købmagergade 48
CPH City
2014/Q2
2,189
Købmagergade 60 /
Østergade 38
162.4 Property fund
Meyer Bergman
Property fund
Cordea Savills
CPH City
2014/Q2
6,961
454.3 Institutional investor
ATP
Property fund
Cordea Savills
Amagertorv 29 m. fl.
CPH City
2014/Q1
5,926
Conf. Real estate company
Confidential
Real estate company
Jorcks Ejendomsselskab
Conf. Public institution
71 Private investor
RESIDENTIAL
STREET NAME
SIZE
(SQM)
LOCATION
DATE
Residential Portfolio
Various cities
2014/Q2
73,000
A.D. Burcharths Vej 15-31
Kolding
2014/Q2
7,760
Overgaden oven vandet/
Herman Triers plads
CPH Area
2014/Q2
14,425
Søborg Huse
Søborg
2014/Q2
3,780
Østerbrogade 163-165 /
Hornemansgade 36
CPH East
2014/Q2
8,022
Residential Portfolio
CPH Area
2014/Q1
33,796
Strandvejen 82-86, 153 &
Frederikkevej 1
Hellerup
2014/Q1
7,500
Amaliegade 24
CPH City
2014/Q1
2,541
PRICE
(M DKK) VENDOR TYPE
VENDOR NAME
1,900* Institutional investor PensionDanmark
BUYER TYPE
BUYER NAME
Property fund
NREP
Conf. Institutional investor Lægernes Pensionskasse
Real estate company Confidential
188.5 Institutional investor Unipension
Property fund
CapMan
Private investor
Private investor
85 Developer
Sjælsø management
64.5 Institutional investor MP Pension
Real estate company Thylander
366 Property fund
Institutional investor Sampension
Aage V. Jensens Fond
148 Institutional investor Nykredit
51 Private investor
Stonewall Estate A/S
Real estate company Goldschmidt Ejendomme
Private investor
Private investor
* Estimated price
FOCUS
MACROECONOMICS
INVESTMENT MARKET
OCCUPIER 
MARKET
APPENDIX
ISSUE III 2014
16 / 24
OCCUPIER MARKET
ISSUE III 2014
17 / 24
OCCUPIER MARKET - OFFICE
HIGH ACTIVITY IN COPENHAGEN CITY AND AN OVERALL STABLE OFFICE MARKET
The Danish economy improved further
in the first half of 2014, albeit moderate
compared with the levels seen in pre-recession years. The office property sector
had more or less unchanged conditions
in 2nd quarter – the market, which is
still tenant-driven, is characterized by a
need for incentives on offers, including
fit-outs and rent-free periods, although
prime rents remain unchanged.
The occupier take-up in the office sector was robust over the 2nd quarter of
2014, with just over 334,000 sq. m of
space leased. The figure helped push the
first half of 2014’s gross take-up volume
ahead by 43% compared with the same
time last year.
Copenhagen’s vacancy rate went down in
2nd and 3rd quarter, with the most notable decrease seen in the city centre whit
a vacancy just under 9% in 3rd quarter.
The properties available on the market
are dominated by bigger premises, primarily as smaller occupiers remain active
whereas international tenants are more
hesitant.
STREET NAME
LOCATION
DATE
Hovedgaden 630
(Hedehusene)
Q2 2014
Greater CPH
2014/Q3
Grønningen 15
CPH City
2014/Q3
800
Kornmarksvej 1
Greater CPH
2014/Q3
28,500
Stamholmen 145-165
(Copenhagen Business Park) Greater CPH
(renewal)
2014/Q3
15,000
Gammel Køge Landevej 22
CPH Area
2014/Q3
Valby Maskinfabrik
CPH Area
Valby Maskinfabrik
CPH Area
Danske Bank
DSV
M. Goldschmidt
Mærsk
Tribona
N/A
Valad Europe
IF Skadeforsikring
2,059
DFE
Københavns
Brandvæsen
2014/Q3
2,000
DFE
GoExcellent
2014/Q3
1,032
DFE
Køge Handelsskole
PensionDanmark,
ATP & PFA
Dansk Standard
Skanska
Pandora
SEB
Forsvaret
CPH Area
2014/Q3
Confidential
Havneholmen
CPH City
2014/Q3
10,000
Niels Juels Gade 9-13
CPH City
2014/Q2
1,100
Axeltorv 2
CPH Area
2014/Q2
16,000
ATP & PFA
Gorrissen Federspiel
Hedegaardsvej 88
CPH Area
2014/Q2
5,000
PFA og Thylander
Vestas
Dusager 4
Aarhus N
2014/Q2
4,900
ATP
Vestas og Mitsubishi
Nansensgade 19
CPH City
2014/Q2
7,000
Norrporten
Cph Business
Kalvebod Brygge
CPH City
2014/Q2
4,100
Norrporten
Patienterstatningen
Lautrupvang 1
Greater CPH
2014/Q2
15,000
Wihlborgs
Schneider Electric
Delta Park - Vallensbæk
Company House
Vallensbæk
2014/Q2
2,000
PKA Pension
Ricoh Danmark A/S
Østergade 26
CPH City
2014/Q2
1,300
Kirkbi
Bygningsstyrelsen
Office vacancy rates compared to unemployment in Copenhagen
1,650
12,00%
Copenhagen E & W
1,250
10,00%
Frederiksberg
1,200
8%
8,00%
Harbour areas
1,800
6%
6,00%
South Harbour
1,250
4,00%
4%
Ørestad
1,200
2,00%
2%
950
0,00%
0%
Copenhagen N & NW
South and west of Copenhagen
FOCUS
16,000
TENANT
Portland Tower
Copenhagen City
North of Copenhagen
SIZE (SQM) LANDLORD
VACANCY RATES AND UNEMPLOYMENT
PRIME RENT - DKK/SQM
SUBAREA
SIGNIFICANT LEASES
900
1,250
MACROECONOMICS
INVESTMENT MARKET
Unemployment Copenhagen Area
Office vacancy Copenhagen City
Office vacancy Copenhagen Area
OCCUPIER MARKET
APPENDIX
ISSUE III 2014
18 / 24
OCCUPIER MARKET - RETAIL
INCREASING DEMAND FOR SECONDARY PEDESTRIAN AREA
Economic activity was boosted by a recovery in several sectors and consumer
spending increasing again by 2.0% following two consecutive quarters of contractions. The retail sector continued to
record positive growth in 2nd quarter as
sales grew by 2.6% in April and 1.9%
in May.
”
"Occupier interest in
the pedestrian areas of
Copenhagen was indeed
strong over the 2nd quarter."
Overall the market was largely stable
in the past months, but prime rents in
high streets is expected to increase due
to the high demand and low supply. Occupier interest in the pedestrian areas of
Copenhagen was indeed strong over the
2nd quarter. Among others Moss Copenhagen is opening a 1,500 sq. m Flagship
Store at Højbro Plads 4. Further, the demand for secondary pedestrian locations
such as Pilestræde and Fiolstræde was
again evident, underlining a broadening
in retailer interest outside the best pitches. Tenants are particularly searching for
locations with a distinctive appearance
in order to attract interest. Isabel Marant opened their first store in Denmark
in late August located at the corner of
Ny Østergade and Christian IX Gade.
STREET NAME
LOCATION
DATE
Købmagergade 54
CPH City
2014/Q3
SIZE (SQM) NEW TENANT
282
Gothergade 43
CPH City
2014/Q3
139
Cykel Mesteren
Fiolstræde 5 (expansion)
CPH City
2014/Q3
579
Netto
Købmagergade 32
CPH City
2014/Q3
227
Profil Optik
Højbro Plads 4
CPH City
2014/Q2
1,500
Østergade 7
CPH City
2014/Q2
295
Kr. Bernikows Gade 6
CPH City
2014/Q2
200
Hästens
Sortedams Dossering 3-9
CPH N
2014/Q2
N/A
Madklubben
Vesterbrogade 82
CPH W
2014/Q2
1,149
Normal ApS
Christian IX's Gade 8
CPH City
2014/Q2
113
Ecco
Moss Copenhagen
Michael Kors
Isabel Marant
PRIME RENT - DKK/SQM
SUBAREA
Q1 2014
Q2 2014
CHANGE
Strøget - low end
10,000
10,000
0.00%
Strøget - average
17,500
17,500
0.00%
Strøget - high end
23,500
23,500
0.00%
Købmagergade - low end
7,500
7,500
0.00%
Købmagergade - average
14,000
14,000
0.00%
Købmagergade - high end
17,500
17,500
0.00%
Strøget (secoundary pedestrain area)
6,250
6,250
0.00%
Østerbrogade
2,600
2,600
0.00%
Nørrebrogade
1,900
1,900
0.00%
VACANCY RATES AND CONSUMER CONFIDENCE
5,00%vacancy rates compared to consumer confidence in Copenhagen
Retail
10
4,50%
4,00%
3,50%
3,00%
2,50%
2,00%
1,50%
1,00%
0,50%
0,00%
5
0
-5
-10
-15
Q2 2007
Q3 2007
Q4 2007
Q1 2008
Q2 2008
Q3 2008
Q4 2008
Q1 2009
Q2 2009
Q3 2009
Q4 2009
Q1 2010
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
However, the market still has to contend
with a limited supply of prime space,
which forces retailers to seek space in
secondary areas.
SIGINIFICANT LEASES
FOCUS
MACROECONOMICS
INVESTMENT MARKET
Consumer confidence index
Retail vacancy Copenhagen City
Retail vacancy Copenhagen Area
OCCUPIER MARKET
APPENDIX
ISSUE III 2014
19 / 24
FOOTFALL ANALYSIS
ANALYSIS OF THE LARGER PEDESTRIAN SHOPPING STREETS
The footfall activity during the summer has increased the average number
of pedestrians per hour around Amager
Torv (see counting point 2). However,
despite the good weather the average
number of pedestrians at counting point
3 (Frederiksborggade/Købmagergade)
has dropped further. The main reason
is to be found in the construction work
at Nørreport which Købmagergade by
Kultorvet still suffers heavily from. The
construction site has narrowed down the
street entrance to only a few meters. Despite this, counting point 3 remains the
second busiest point after Amagertorv.
Counting point 1 and 4 are more or less
stable.
AVERAGE PEDESTRIAN COUNT OVER THE SUMMER
AREA NUMBER
ON MAP
STREET NAME
APRIL-AUGUST 2013 APRIL-AUGUST 2014 CHANGE
1
Østergade
4,236
4,143
- 93
2
Amagertorv/Østergade
6,165
6,955
+ 790
3
Frederiksborggade/Købmagergade
5,379
5,049
- 330
4
Frederiksberggade
5,400
5,166
- 284
FOOTFALL COUNT
Number of pedestrians per hour counted on specific locations
Comparing April-August 2014 with the
same period last year, we see the same
picture. Amagertorv keeps attracting
more and more pedestrians and the average level for pedestrians at the counting
point (no. 2) has increased by approx.
800 persons per hour. On the other
hand, as mentioned, Købmagergade by
Kultorvet has decreased by 330 persons
per hour at counting point 3, since the
same period last year.
8.000
7.000
6.000
5.000
4.000
3.000
2.000
1. Friday in
September 2013
5. Friday in
November 2013
3. Friday in
Febuary 2014
3 °C
4 °C
21 °C
Frederiksborggade/Købmagergade
Østergade
2. Friday in
May 2014
4. Friday in
July 2014
10 °C
28 °C
Frederiksberggade
Amagertorv/Østergade
A
Nørreport
Israels
Plads
Methodology
F
bo red
rg er
ga ikde
S
P
T
a
d
l
i
3
RED carries out the counts on Fridays at 4 pm
with the purpose of registering a development
and conclude a level of footfall at different
locations on Strøget and Købmagergade.
Kultorvet
Trinitatiskirken
Rundetårn
bm
ag
erg
ad
e
Kø
The map shows the 4 counting points. The
footfall is counted manually from both
directions.
Helligåndskirken
Kongens
Nytorv
Vimmelskaftet
Gammeltorv
Fr
2
1de
ga
ter
Øs
Magasin
rtorv
Amage
Det Kgl.
Teater
Højbro
Plads
Nytorv
d
ga
rg
be
s
rik
e4
ed
e
e
ad
g
Ny
Illum
Københavns
Domhus
Rådhuspladsen
Københavns
Rådhus
FOCUS
MACROECONOMICS
INVESTMENT MARKET
Christansborg
OCCUPIER MARKET
APPENDIX
ISSUE III 2014
20 / 24
S
T
g
i
m
I
O
T
r
a
a
y
s
W
T
s
g
l
h
p
m
APPENDIX - DANISH TRANSLATION
ISSUE III 2014
21 / 24
FOKUS
RINGENE BREDER SIG - DE SEKUNDÆRE MARKEDER ÅNDER IGEN
Der er tegn på, at ringene breder sig i
økonomien. Efterspørgslen efter prime
assets på ejendomsmarkedet har
længe været høj, men vores seneste
analyser viser, at der nu i langt højere
grad også handles flere sekundært
beliggende ejendomme. Man oplevede i årene efter krisen en enorm nedgang i salget af sekundært beliggende
erhvervsejendomme, men denne tendens er nu vendt og forventes fortsat
at være opadgående i de kommende
år.
FIGUR 1: SEKUNDÆRT BELIGGENDE KONTOREJENDOMME I STORKØBENHAVN
Mio.
kr.
M DKK
4.500
4.000
3.500
3.000
2.500
2.000
1.500
I årene efter krisen var ejendomsmarkedet præget af begrænset adgang til finansiering kombineret med en lav risikovillighed, hvorfor markedet var domineret
af få store spillere, med et hovedfokus
på prime ejendomme i København. Det
fremgår tydeligt af figur 1, hvordan salget af sekundære kontorejendomme i
Storkøbenhavn faldt i perioden 20082011. I 2012 synes markedet dog at
bløde op og specielt i 2013 kan der
konstateres en markant fremgang, hvor
transaktionsvolumen nåede et niveau
på ca. 2,5 mia. kr. for sekundære kontorejendomme i Københavnsområdet
(jf. figur 1). Vi mener, denne tendens vil
fortsætte og at transaktionsvolumen for
sekundære erhvervsejendomme i 2014
forventeligt bliver endnu højere, hvor
transaktionsvolumen for første halvår allerede er nået et niveau på 1,9 mia. kr.
”
"...tiltrækker flere investorer med udsigt til at kunne
opnå et højt gearet afkast."
Der er flere årsager til denne udvikling.
Først og fremmest skal det ses som et resultat af et manglende udbud af prime
ejendomme i forhold til efterspørgslen.
Eksempelvis er der en langt højere efterspørgsel efter prime ejendomme i indre
København end udbuddet kan modsvare.
Det manglende udbud, har skabt et pres
på afkastet i en nedadgående retning,
hvorfor flere investorer søger nye segmenter, herunder mere sekundært be-
FOCUS
MACROECONOMICS
1.000
500
0
2008
Kilde:
2009
2010
2011
2012
2013
2014 E
RED Property Advisers
liggende ejendomme, for at opnå højere
direkte afkast. Sekundært beliggende
ejendomme er et segment investorer ikke
har efterspurgt de senere år, da belåning
(gearing) af denne type ejendomme har
været nærmest umuligt, med mindre der
allerede var et eksisterende lån der kunne
overtages. Når der ikke kan opnås finansiering, skal købet finansieres med
egenkapital, hvilket resulterer i et lavt
afkast på egenkapitalen sammenholdt
med ejendomme, hvor der kan opnås
en finansiering på eksempelvis 60 % af
købesummen. Der er kommet større
tillid til markedet i takt med, at kapitalstærke og mere risikovillige investorer
som Briggen, M7/Oaktree, Wihlborgs
og Niam har foretaget investeringer i de
mere sekundære kontorområder, hvilket
er medvirkende til at øge transparensen
og omsætteligheden i markedet, hvilket
letter adgangen til finansiering, og som
igen tiltrækker flere investorer med udsigt til at kunne opnå et højt gearet
afkast.
pres på priserne i nogle områder, hvor
Finansiel Stabilitet har haft en række
ejendomme, der skulle afvikles. Finansiel
Stabilitet har over de seneste kvartaler afviklet kraftigt og det forventes, at Finansiel Stabilitet vil være afviklet i løbet af
2015. Dette vil bringe markedet et skridt
nærmere en ”naturlig” tilstand. Hertil
skal tilføjes, at andelen af handler med
sekundært placerede kontorejendomme
i Storkøbenhavn med Finansiel Stabilitet
som afvikler, kun var 13,7 % i 2013 og i
2014 er faldet til 8,3 %.
Finansiel Stabilitets fokus på afvikling
har samtidigt bidraget til en øget interesse fra en række udenlandske investorer.
Dette har haft en positiv påvirkning på
udviklingen på investeringsmarkedet,
i form af nye, udenlandske aktører på
markedet.
POSITIVE TENDENSER I MARKEDET
FINANSIEL STABILITET SÆLGER UD
En række økonomiske nøgletal synes at
underbygge, at den positive trend på de
sekundære markeder vil fortsætte.
Siden 2008 har markedet desuden været
stærkt påvirket af statens afviklingsselskab Finansiel Stabilitet. Dette har
øget udbuddet og, alt andet lige, lagt et
Længe har økonomer annonceret, at
dansk økonomi er i bedring og 2014
forventes at blive det bedste vækstsår
siden 2010. De positive forventninger
INVESTMENT MARKET
OCCUPIER MARKET
APPENDIX
ISSUE III 2014
22 / 24
til dansk økonomi kan da også konstateres hos forbrugerne. Som det fremgår
af figur 2, er eksempelvis salget af personbiler på dets højeste de sidste 10 år og er
steget næsten 80 % siden krisen. Heraf er
andelen af dyrere biler steget fra 20 % til
næsten 25 %.
Økonomien er langt fra så presset som
tidligere og virksomheder klarer sig i
stigende grad bedre. Antallet af nystartede virksomheder er på et højere niveau
end 2009 (se figur 2). Ydermere er antallet af konkurser støt faldende. Niveauet
for konkurser er på vej mod det niveau
vi oplevede før krisen, hvilket vidner
om en stærkere økonomi og lempelse i
den hårde udlånspolitik bankerne førte i
årene umiddelbart efter boligboblen.
Disse positive tendenser i dansk økonomi
og blandt danske virksomheder kombineret med bedre finansieringsmuligheder
har sat sit præg på ejendomsmarkedet
– både for private boliger men også for
investeringsejendomme. Efter at have
været stigende fra 2007 til 2010, har
antallet af tvangsauktioner for erhvervsejendomme været faldende siden (figur
2) med forventninger om yderligere fald
de kommende år. Endvidere er andelen af
tvangsauktioner for erhvervsejendomme
på sit laveste i hele perioden 2000-2014
med kun 3,9 % af de samlede tvangsauktioner.
FIGUR 2: UNDERBYGGENDE PARAMETRE
Indeks: 2009=100
200
180
160
140
120
100
80
60
40
20
0
2005
2006
2007
2008
Tvangsauktioner - Erhvervsejendomme
Kilde:
2009
2010
2011
2012
Konkurser (virksomheder)
2013
2014
Antal solgte personbiler
Danmarks Statistikbank
På baggrund af tendenserne og forventninger i markedet såvel som i økonomien, har vi positive forventninger til
markedet i de kommende år. Et marked
præget af lempeligere adgang til finansiering, flere investorer med forskellige
risikoprofiler og en signifikant stigning i
salget af sekundære erhvervsejendomme
er blandt de tendenser, der giver anledning til optimisme.
FOCUS
MACROECONOMICS
INVESTMENT MARKET
OCCUPIER MARKET
APPENDIX
ISSUE III 2014
23 / 24
TAK FOR STEMMERNE
Igen i år har vi haft fat i hammer og søm, for at få vores to nyeste anerkendelser op at hænge.
Vi er glade for de nye awards, som EUROMONEY Awards for Excellence har tildelt os i kategorierne,
Best Advisor for Agency & Letting in Denmark og Best Advisor for Valuation in Denmark.
THANK YOU FOR THE VOTES
We are pleased with the new awards which EUROMONEY Awards for Excellence has awarded us in the categories,
Best Advisor for Agency & Letting in Denmark and Best Advisor for Valuation in Denmark.
FOCUS
MACROECONOMICS
INVESTMENT MARKET
OCCUPIER MARKET
APPENDIX
ISSUE III 2014
24 / 24
RED PROPERTY ADVISERS P/S
THE PROFESSIONAL AND EXPERIENCED
CONSULTANCY IN THE COMMERCIAL
REAL ESTATE MARKET.
Our clients are mainly major professional investors in the Danish
market, public and institutional investors and a number of leading
Danish and international business enterprises.
Our core competences are sale of and advisory on investment properties, office letting, retail, valuation, tenant representation and
market analysis.
The keywords are trustworthiness, quality, integrity, know-how and
independence.
RED is an alliance partner of CUSHMAN & WAKEFIELD – one of the
world’s leading commercial real estate companies. In Denmark
RED undertakes work for CUSHMAN & WAKEFIELD’s global clients
and any assignment for Danish clients anywhere in the world can
be resolved in a strong, professional environment, supported by the
important element of local market knowledge.
ISSUE III 2014
25 / 25