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YEAR BOOK 2017 PROPERTY INVESTMENT MARKET

1 | YEAR BOOK 2017 INVESTERING

RETAIL

OFFICE

RESIDENTIAL


EXECUTIVE SUMMARY Kære Læser, Cushman & Wakefield | RED udsender hermed 4. udgave af Året i Tal, der ser tilbage på det seneste års transaktioner på det danske erhvervsejendomsmarked. Den samlede investeringsvolumen i 2017 på imponerende 92 mia. kr. overgik forrige års volumen med 24 mia. kr. Der var især stor interesse fra de nordiske lande, og de udenlandske køberes andel af den samlede volumen steg således til 53%. 2017 blev dermed det første år, hvor de udenlandske investorer investerede mere end de danske. 2017 var også et år, hvor shoppingcentre fyldte over halvdelen af den samlede retail transaktionsvolumen og et år, hvor der i boligsegmentet blev foretaget massive investeringer uden for københavnsområdet. God læselyst!

Dear Reader, Cushman & Wakefield | RED hereby issues the 4th edition of the Year Book which looks back on the transactions conducted on the Danish commercial property market in 2017. The total investment volume in 2017 reached an impressive DKK 92 bn. exceeding last year’s volume by DKK 24 bn. There has been an increasing interest from Nordic countries and foreign investors share of the total volume increased to 53%. Thus, 2017 officially became the first year to see a greater activity from foreign investors than the Danish. Furthermore, 2017 was also a year where shopping centres accounted for more than half of the total retail transaction volume and a year, where the activity in the residential segment increased in areas outside of Copenhagen with several significant investments. Enjoy the report!

2 | YEAR BOOK 2017 INVESTERING

RETAIL

OFFICE

RESIDENTIAL


Residential Office Retail Industrial 2%

2%

Land

1%

Hotel Other

14%

19%

23.8

45%

BN DKK

17%

1%

8% 3% 8%

64.5

1%

19%

5%

27%

BN DKK

40%

3.7 BN DKK

22% 1%

25%

3 | YEAR BOOK 2017 INVESTERING

RETAIL

OFFICE

RESIDENTIAL

39%


INVESTERING INVESTMENT

4 | YEAR BOOK 2017 INVESTERING

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RESIDENTIAL


5 | YEAR BOOK 2017 INVESTERING

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PHOTO: Cushman & Wakefield | RED


I NVE STE R I N G - S EG M E NTE R OG TR AN SAK TIO N S STØ R R E L S E R INVESTMENT - SEGMENTS AND TRANSACTION SIZES

2017 bød på endnu et imponerende år, hvor den samlede transaktionsvolumen endte på 92 mia. kr. Boligsegmentet var igen i år det største segment, idet 40% af den totale volumen kunne relateres til boligudlejningsejendomme. På de efterfølgende pladser kom kontor- og retailsegmentet, mens der også var høj aktivitet indenfor logistik/industri- og hotelejendomme. 2017 blev også året, hvor udenlandske investorer for alvor satte sig på det danske marked for erhvervsejendomme. I løbet af året investerede de udenlandske købere 49,2 mia. kr. i danske erhvervsejendomme, hvilket svarede til 53% af den samlede volumen. Dette fremgår også tydeligt af tabellen over top-ti investorer, hvor kun ATP og Core Bolig er danske repræsentanter. Interessen for det danske marked var især stor fra de nordiske lande, hvor både Heimstaden og NIAM var yderst aktive i 2017. De to investorer tegnede sig alene for handler til en værdi af 15,3 mia. kr. Den store interesse fra de nordiske investorer skyldes blandt andet, at København fremstår som et marked i vækst, mens udviklingen i både Stockholm og Oslo har været nedadgående. 2017 was yet another impressive year demonstrated by a transaction volume totaling DKK 92 bn. The residential segment was once again the largest, with 40% of the total volume relating to residential properties followed by the office and retail segments. Additionally, the logistics/industrial and hotel segments were highly active in 2017 compared to previous years. Furthermore, 2017 marked the year for foreign investors’ profound commitment to commercial properties on the Danish market. Their investments amounted to a total of DKK 49.2 bn. resulting in 53% of the total transaction volume. This is clearly shown by the table representing the top 10 investors in which ATP and Core Bolig are the only Danish representatives on the list. As illustrated by the same table, the interest for the Danish market was particularly large from the Nordic countries, where both Heimstaden and NIAM were highly active in 2017. These two investors made transactions worth DKK 15.3 bn collectively. The rising interest from Nordic investors is most likely due to the market in Copenhagen maintaining a lower price level than both Stockholm and Oslo.

3%

1%

6%

TRANSACTION VOLUME IN DIFFERENT SEGMENTS 2017 11%

Residential Office

92.0 BN DKK

18%

40%

Retail Industrial Land Hotel Other

21%


TOP 10 INVESTORS 2017 INVESTOR

ORIGIN VOLUMES IN M DKK

NO. OF TRANSACTIONS

1

Heimstaden

NO

10,196

18

2

ATP Ejendomme

DK

6,900

16

3

Niam

SE

5 ,1 1 5

20

4

Patrizia

DE

3,301

8

5

Blackstone

US

2,899

57

6

NREP

SE/DK

2,751

14

TOTAL TRANSACTIONS AND FOREIGN INVESTOR SHARE DKK BN 100 100 92.0

7

Core Bolig

DK

2,285

18

90 90

8

Wihlborgs A/S

SE

1,888

15

80 80

9

CapMan

FI

1,806

4

70 70

10

Wenaasgruppen

NO

1,600

1

68.1

60 60

*IF POSSIBLE PORTFOLIOS ARE SPLIT INTO INDIVIDUAL TRANSACTIONS

54.4

50 50

40

VOLUMES IN M DKK

NO. OF TRANSACTIONS

0-5

2,090

1,244

5-10

1,409

194

10-20

IN M DKK

12,068

50-100

11,695

163

100-200

18,889

140

200-300

8,026

33

300-400

5,946

18

400-500

4,198

9

500-1,000

12,194

18

> 1,000

12,161

8

TOTAL

91,984

2,402

20 20

10 10

0

0

70% 69% 41%

80%

37% 31%

30%

2013

2014

20% 2012

Foreign

7 | YEAR BOOK 2017 RETAIL

53%

21.2

*IF POSSIBLE PORTFOLIOS ARE SPLIT INTO INDIVIDUAL TRANSACTIONS

INVESTERING

63%

30 30

347

20-50

35.3 32.3

228

3,310

59%

40

TRANSACTION VOLUME - BREAKDOWN IN PRICE RANGE PRICE RANGE

47%

OFFICE

RESIDENTIAL

2015

Danish

2016

2017


DA N M A R K S O M I N V E S T E R I N G S M A R K E D DENMARK AS INVESTMENT MARKET

Danmark har med sin stabile økonomi, fastkurspolitik over for Euroen og lave renteniveau vist sig at være et attraktivt marked for udenlandsk kapital, der efterspørger høj sikkerhed og en gunstig demografisk udvikling. De fundamentale makroøkonomiske parametre er stærke og er i de seneste år forbedret. Derudover indtager Danmark en førerposition i en række kvalitative undersøgelser: De lovgivningsmæssige rammer for at etablere og drive en virksomhed, lav korruption og måden danskere overholder lovgivningen i praksis, er nogle af de kategorier, hvor Danmark ligger i front. Fra en ejendomsinvestors synspunkt er transaktionsomkostningerne i Danmark markant lavere end i mange andre europæiske lande. I kraft af det unikke danske realkreditsystem, som tilbyder de laveste låneomkostninger i Europa for de første 60% af ejendomsværdien, har Danmark gunstige låneforhold for både udenlandske og danske investorer. A stable economy, fixed-exchange-rate policy against the euro and low interest rates are merely some of the reasons Denmark is such an attractive market for foreign capital demanding high security and favorable demographic development. The fundamental macroeconomic parameters are strong and have improved in recent years. Moreover, Denmark is a leading nation in a variety of qualitative surveys. The regulatory framework for establishing and operating a company combined with low corruption and the strong adherence to the rule of law are some of the elements that positions Denmark in the front. In the eyes of a real estate investor, the transaction costs are significantly lower in Denmark than in several other European countries. Denmark has favorable lending conditions for both foreign and Danish investors as well as a unique Danish mortgage system that has the lowest borrowing costs at the first 60% of the property value, in Europe.

DENMARK

49.2 BN DKK

IN FOREIGN CAPITAL WAS INVESTED IN DENMARK


NO.

EASE OF DOING BUSINESS

STRONGEST ADHERENCE TO THE RULE OF LAW

BEST FOR TALENTS

SOCIAL PROGRESS INDEX

1

NEW ZEALAND

DENMARK

SWITZERLAND

DENMARK

2

SINGAPORE

NORWAY

DENMARK

FINLAND

3

DENMARK

FINLAND

BELGIUM

ICELAND

4

KOREA, REP

SWEDEN

AUSTRIA

NORWAY

5

HONG KONG SAR, CHINA

NETHERLANDS

FINLAND

SWITZERLAND

6

UNITED STATES

GERMANY

NETHERLANDS

CANADA

7

UNITED KINGDOM

AUSTRIA

NORWAY

NETHERLANDS

8

NORWAY

NEW ZEALAND

GERMANY

SWEDEN

9

GEORGIA

SINGAPORE

SWEDEN

AUSTRALIA

10

SWEDEN

UNITED KINGDOM

LUXEMBOURG

NEW ZEALAND

SOURCE: THE WORLD BANK, WORLD JUSTIEE PROJECT, IMD, SOCIAL PROGRESS IMPERATIVE

9 | YEAR BOOK 2017 INVESTERING

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RETAIL - INVESTERING RETAIL - INVESTMENT

10 | YEAR BOOK 2017 INVESTERING

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11 | YEAR BOOK 2017 INVESTERING

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PHOTO: Cushman & Wakefield | RED


R E TA I L - I N V E S T E R I N G RETAIL - INVESTMENT

Investeringsvolumen for retailsegmentet blev mere end fordoblet til 16,8 mia. kr. i 2017 fra 7,8 mia. kr. i 2016. Volumen var især drevet af ATP’s køb af halvdelen af Danica’s shoppingcenter portefølje, som beløb sig til 6,9 mia. kr. Retailsegmentet har i de seneste mange år været domineret af udenlandske investorer, men qua ATP’s store investering blev 2017 en undtagelse fra denne tendens. Danske investorer stod således for 55% af transaktionsvolumen sammenlignet med 41% året før. I 2017 var retailsegmentet præget af shoppingcenter-handler for 9,6 mia. kr., hvilket svarede til 57% af den totale retail-transaktionsvolume. Handler med strøgejendomme faldt derimod til 2,1 mia. kr., hvilket var en reduktion i forhold til 2016. 2017 bød således på en mere diversificeret retailvolumen, hvor både dagligvarebutikker, shoppingcentre og strøgejendomme blev handlet. Efterspørgslen var dog fortsat størst i markedet for strøgejendomme og regionalt dominerende shoppingcentre - her var det manglen på udbud, der lægger et loft over investeringsvolumen. The investment volume in the retail segment more than doubled from DKK 7.8 bn. in 2016 to DKK 16.8 bn. in 2017. In particular, ATP’s acquisition of half of Danica’s shopping center portfolio at DKK 6.9 bn. took up a large part of the volume. In recent years, the retail segment has been largely dominated by foreign investors, but due to ATP’s substantial investment, 2017 was an exception from this tendency. Danish investors accounted for 55% of the transaction volume compared to 41% in the previous year. The retail segment was dominated with shopping center transactions totaling DKK 9.6 bn. which corresponds to 57% of the total retail transaction volume. On the contrary, transactions with high street assets declined to DKK 2.1 bn. which was a reduction compared to 2016. In 2017, we observed a more diversified retail volume where grocery stores, shopping centers and high street assets were traded. However, the demand for high streets assets and regional dominant shopping centers remained the greaters - although a lack of product capped the investment activity.

3%

3%

INVESTOR BREAKDOWN FOR RETAIL PROPERTIES IN 2017

8%

Institutional Investors Property Funds

16.8 BN DKK

40%

46%

Private Investors Real Estate Companies Others


RETAIL TRANSACTIONS AND FOREIGN INVESTOR SHARE

TOP 5 INVESTORS 2017 - RETAIL -

INVESTOR

1

ATP Ejendomme

DKK BN

ORIGIN VOLUMES IN M DKK NO. OF TRANSACTIONS

DK

6,900

16

2

StepStone

US

1,500

7

3

Hines

US

1,345

8

4

Blackrock

US

978

1

5

Terra Firma

GB

900

67

*IF POSSIBLE PORTFOLIOS ARE SPLIT INTO INDIVIDUAL TRANSACTIONS

18,00

18

16,00

16

14,00

14

12,00

12

10,00

10

16.8

55%

9.2 8.7

SHOPPING CENTRE’S SHARE OF TOTAL RETAIL INVESTMENTS 9.5 BN 2017 1.8 BN 2016 1.4 BN 2015 5%

8

6,00

6

4,00

4

2,00

0.4 BN 2012

23%

15 %

-

7.6

2

35%

57%

59%

57%

65% -

2012

1

57% OFFICE

45%

75%

2.5

% 61 RETAIL

7.8

41%

43%

13 | YEAR BOOK 2017 INVESTERING

25%

43%

0.4 BN 2014 5.3 BN 2013

15 %

8,00

RESIDENTIAL

2013

2

2014

3

Foreign

2015

2016

4 Danish 5

2017

6


T O P 5 R E TA I LT R A N S A K T I O N E R 2 0 1 7 TOP 5 RETAIL TRANSACTIONS 2017

1.

PROJECT OCEAN Årets absolut største handel fandt sted i 4. kvartal, da ATP Ejendomme købte 50% af Danicas shopping center portefølje. ATP Ejendomme og Danica er nu joint-venturepartnere og skal udvikle og drive centrene i fællesskab. Porteføljen består af i alt 16 shopping centre, som bl.a. indeholder Frederiksberg Centret, Lyngby Storcenter og Kolding Storcenter. Samlet set er der ca. 400.000 m² butiksareal og ca. 1.100 lejere og centrene tiltrækker hvert år næsten 60 mio. kunder. I porteføljen er også Friis Shoppingcenter og Amagercenteret, hvor der gennemføres store ombygninger og renoveringer. The largest transaction of 2017 took place in the fourth quarter, when ATP Ejendomme acquired 50% of Danica’s shopping center portfolio. The joint-venture partners will develop and operate the centers cooperatively. The portfolio consists of 16 shopping centers comprising Frederiksberg Centret, Lyngby Storcenter and Kolding Storcenter among others. In total, the portfolio is made up of 400.000 sqm retail space, approx. 1.100 tenants and the centres combined attract nearly 60 M customers each year. In addition, the portfolio also includes Friis Shoppingcenter and Amagercenteret which both are undergoing major renovations and refurbishments.

Price: Sqm: Investor: Vendor:

6,900,000 DKK DKK 400,000 sqm ATP Ejendomme Danica

PHOTO: Danica


PHOTO: Cushman & Wakefield | RED

PHOTO: Næstved Netavis.dk

PEACH Price:

Est. 1,500,000,000 DKK

Price:

978,000,000 DKK

Sqm:

74,000 sqm

Sqm:

42,633 sqm

Investor: Vendor:

2.

NÆSTVED STORCENTER

StepStone

Investor:

NREP

Vendor:

U.S.-based property fund StepStone acquired a portfolio of seven local shopping centres from NREP. The centres have a total of 74,000 sqm. and are located in the Greater Copenhagen area and Århus.

3.

PHOTO: Ekstrabladet

4.

Blackrock Dansk Supermarked

Dansk Supermarked Group sold Næstved Storcenter to the world’s largest asset manager, Blackrock, who then reentered the Danish property market. Næstved Storcenter houses 75 tenants.

PHOTO: Cushman & Wakefield | RED

MCDONALDS PORTFOLIO

PROJECT VIKING

Price:

Est. 900,000,000 DKK

Price:

880,000,000 DKK

Sqm:

Est. 31,000 sqm

Sqm:

12,039 sqm

Investor:

Terra Firma

Investor:

Vendor:

McDonald’s

Vendor:

McDonald’s sold their Nordic restaurants and franchise rights to the British equity firm Terra Firma. The deal includes 435 restaurants as well as the restaurant properties, where approx. 67 of them are in Denmark.

5.

The European property fund Avignon divested a portfolio consisting of five high-street properties to U.S. Based property fund Hines. The properties are located at Købmagergade, Østergade and Vimmelskaftet and have tenants such as Benneton and Superdry.

15 | YEAR BOOK 2017 INVESTERING

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Hines Avignon

RESIDENTIAL


KONTOR - INVESTERING OFFICE - INVESTMENT

16 | YEAR BOOK 2017 INVESTERING

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17 | YEAR BOOK 2017 INVESTERING

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PHOTO: Cushman & Wakefield | RED


KO N T O R - I N V E S T E R I N G OFFICE - INVESTMENT

Kontorsegmentet var i 2017 det næststørste segment i Danmark. Den samlede transaktionsvolumen steg 9% i 2017 til 19,1 mia. kr. fra 2016. Kontorejendomme er fortsat et af de mest handlede aktiver, men væksten i dette segment var den laveste registreret på tværs af de tre hovedsegmenter. Kontorsegmentet var foretrukket af danske investorer, og selvom vi registrerede en ligelig fordeling af danske og udenlandske investorer i 2016, så stod danske investorer for 61% af den samlede transaktionsvolumen i 2017. Vi observerede også en forholdsvis ligelig aktivitet fra ejendomsselskaber, ejendomsfonde og institutionelle investorer. Det lave afkast i københavnsområdet har fået investorer til at søge alternativer, hvilket resulterede i, at 36% af 2017-volumen kom fra handler uden for københavnsområdet. Det er et stort spring fra året forinden, hvor det kun var 14% af volumen. The office segment was the second largest in Denmark in 2017. The total transaction volume amounted to DKK 19.1 bn., an increase of 9% compared to 2016. Office properties remained one of the most traded assets, but growth in this segment was the lowest we registered across the three main segments. The office segment was favored by Danish investors, and while we recorded an even distribution of Danish and foreign investors in 2016, Danish investors accounted for 61% of the total transaction volume in 2017. We observed a relatively even activity between real estate companies, property funds and institutional investors. The low yield in the Copenhagen area has prompted investors to seek alternatives, resulting in 36% of the 2017 volume being transactions conducted outside the Copenhagen area. This is a major increase in comparison to last year where it only made up 14% of the volume.

12%

25%

INVESTOR BREAKDOWN FOR OFFICE PROPERTIES IN 2017 Property Funds Real Estate Companies

16%

Institutional Investors

19.1

Others Private Investors

BN DKK

22%

25%


OFFICE TRANSACTIONS AND FOREIGN INVESTOR SHARE

TOP 5 INVESTORS 2017 - OFFICE -

INVESTOR

1

Wihlborgs A/S

SE

1,888

15

2

Woodman Asset Management

CH

1,600

11

3

PensionDanmark

DK

1,254

7

4

Niam

SE

1,218

6

5

ORIGIN VOLUMES IN M DKK NO. OF TRANSACTIONS

Bygningsstyrelsen

DK

1,120

2

25,00

DKK BN

20,00 20

19.1

17.2

15,00

15

14.3

*IF POSSIBLE PORTFOLIOS ARE SPLIT INTO INDIVIDUAL TRANSACTIONS

50%

De fem største investorer stod sammenlagt for næsten 40% af den samlede investeringsvolumen i 2017. Wihlborgs A/S og Woodman Asset Management toppede investor listen med hver deres køb af en

61%

10.5

10,00

10 8.7

70%

kontorportefølje af Danica. The five biggest investors managed 40% of the total transaction volume in 2017 collectively. Wihlborgs A/S and Woodman Asset Management topped the investor list as both acquired an office portfolio each

5,00

5

86%

4.7 92%

50%

from Danica.

39% 92%

-

-

30%

8%

8%

2012

2013

1

2

14% 2014

3

Foreign

19 | YEAR BOOK 2017 INVESTERING

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2015

4

Danish

2016

5

2017

6


T O P 5 KO N T O R T R A N S A K T I O N E R 2 0 1 7 TOP 5 OFFICE TRANSACTIONS 2017

1.

DANICA OFFICE PORTFOLIO Danica Pension har i 2017 haft øget fokus på projektudvikling. Det har resulteret i, at Danica Pension har solgt fra i selskabets kontorportefølje. Svenske Wihlborgs A/S havde således mulighed for at udvide sin danske markedsandel med køb af en erhvervsportefølje fra Danica for 1,9 mia. kr. og porteføljen endte med at blive den største kontortransaktion i 2017. Kontorporteføljen består af 15 ejendomme med et samlet bruttoareal på 152.380 m2 fordelt på Sjælland i følgende byer: Ballerup, Holte, Taastrup, Helsinge, Amager, Allerød, Værløse, Hørsholm, Herlev og Roskilde. Med købet af porteføljen har Wihlborgs A/S været den mest aktive investor på kontormarkedet i 2017. Danica Pension had a greater focus on project development in 2017. This resulted in Danica selling out of its office portfolio. The Swedish investor Wihlborgs A/S saw this as an opportunity to expand and acquired an office portfolio from Danica at a price of DKK 1.9 bn. This portfolio turned out to be the largest office transaction in 2017. The office portfolio consists of 15 properties with a total gross area of 152.380 sqm spread around in Zealand in the following cities: Ballerup, Holte, Taastrup, Helsinge, Amager, Allerød, Værløse, Hørsholm, Herlev and Roskilde. The acquisition of the portfolio made Wihlborgs A/S the most active investor in the office segment in 2017.

Price: Sqm: Investor: Vendor:

1,887,500,000 DKK 152,380 sqm Wihlborgs A/S Danica

PHOTO: JDN Entreprise A/S


PHOTO: Colliers

2.

PHOTO: Dragør Luftfoto Aps

PROJECT PINETREE

EY FLINTHOLM

Price:

1,600,000,000 DKK

Price:

Sqm:

Est. 110,000 sqm

Sqm:

Investor: Woodman Asset Management

Investor:

Vendor:

Vendor:

Danica

Danica Pension have switched their focus to project development and thus decided to divest an office portfolio scattered around the country, worth DKK 1.6 bn., consisting of 11 properties. The properties were sold to Swiss-based Woodman Asset Management.

3.

PHOTO: Ritzau

53,698 sqm Bygningsstyrelsen EY

The Danish building and property agency acquired EY’s office property in Frederiksberg. EY, AIG and Eniro will continue as tenants for the time being, but will eventually vacate it, as The Danish building and property agency plan to use it for public agencies.

PHOTO: CBS

VESTAS HQ

PORCELÆNSHAVEN

Price:

736,000,000 DKK

Price:

620,000,000 DKK

Sqm:

61,080 sqm

Sqm:

19,300 sqm

Investor: Vendor:

4.

1,085,000,000 DKK

Sampension & Solstra Capital

Investor:

Vestas

Vendor:

Solstra Capital Partners and Sampension bought Vestas’ headquarters in Århus in a sale and leaseback transaction. Vestas will vacate some of the area of Hedeager 44, and the investors plan to develop this area into a modern multi-user office house.

5. RETAIL

OFFICE

Niam

Swedish real estate company Klövern entered the Danish market with an acquisition of Niam’s property on Frederiksberg. The property houses one of the six main campuses of Copenhagen Business School, who is on a long lease contract.

21 | YEAR BOOK 2017 INVESTERING

Klóvern

RESIDENTIAL


BOLIG - INVESTERING RESIDENTIAL - INVESTMENT

TOP 5 INVESTORS 2017 - RESIDENTIAL -

INVESTOR

ORIGIN

VOLUMES IN M DKK

NO. OF TRANSACTIONS

1

Heimstaden

NO

10,196

18

2

Patrizia

DE

3,301

4

3

Core Bolig

DK

2,285

18

4

Blackstone

US

2,027

28

5

CapMan

FI

1,806

4

*IF POSSIBLE PORTFOLIOS ARE SPLIT INTO INDIVIDUAL TRANSACTIONS

22 | YEAR BOOK 2017 INVESTERING

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RESIDENTIAL


23 | YEAR BOOK 2017 INVESTERING

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PHOTO: Cushman & Wakefield | RED


BOLIG - INVESTERING RESIDENTIAL - INVESTMENT

Transaktionsvolumen for boligsegmentet endte på imponerende 37,2 mia. kr. hvilket er den højest observerede volumen nogensinde. Især stod de udenlandske investorer på spring for at sikre sig danske boligudlejningsejendomme, idet denne gruppe af investorer tegnede sig for hele 61% af den totale aktivitet i segmentet. I 2016 udgjorde udenlandske købere 43% af transaktionsvolumen. Interessant var det at bemærke, at institutionelle investorer i 2017 var næsten usynlige i dette segment og udgjorde således kun 1% af segmentets volumen i 2017, mens denne gruppe i 2016 tegnede sig for 26% af aktiviteten. Derudover var det også interessant at observere, at boliginvesteringer uden for københavnsområdet primært var drevet af de danske investorer, mens boliginvesteringerne i Storkøbenhavn omvendt var drevet af de udenlandske investorer. Vi noterede os en fortsat stor aktivitet i København, men det var uden for København, at den helt store aktivitetsvækst var. Dette kan delvist forklares ved meget lave afkast samt et lavere udbud af interessante ejendomme i København. Nogle investorer søger derfor alternativer for bedre afkast. The transaction volume amounted to an astounding DKK 37.2 bn., which is the highest registered volume to date. Foreign investors were particularly motivated in securing acquisitions of Danish residential properties, as this group of investors made up 61% of the total activity in the segment as opposed to 43% in 2016. Interestingly, institutional investors were almost invisible in 2017 representing only 1% of the volume, while in 2016 this group accounted for 26% of all activity in the segment. Moreover, it was noteworthy that investments in the residential segment outside the Copenhagen area were primarily driven by Danish investors while foreign investors dominated in Greater Copenhagen. We observed a continuously high activity in Copenhagen, but the greatest activity growth was registered outside Copenhagen. This is arguably due to lower yields and insufficient supply of captivating properties in Copenhagen. Thus, some investors are seeking alternatives for better risk-adjusted yields.

3%

1%

INVESTOR BREAKDOWN FOR RESIDENTIAL PROPERTIES IN 2017 20%

Real Estate Companies 38%

Property Funds Private Investors

37.2 BN DKK

38%

Others Users


RESIDENTIAL TRANSACTIONS AND FOREIGN INVESTOR SHARE DKK BN

40,0040

37.2

35,0035 30,0030

28.2

38%

25,0025 20.4

20,0020

57% 53%

15,00 15 10,00

4.8

56% 10.9

10

62%

9.9 8.7 47%

5,00 5

297%

BN DKK

-

-

64% 78%

22% 2012

36% 2013

53%

2014

Foreign

6.0

43%

44%

2015

2016

2017

Danish

126%

BN DKK

19.8 1.4

5.2 BN DKK

373%

BN DKK

25 | YEAR BOOK 2017 INVESTERING

RETAIL

OFFICE

RESIDENTIAL

BN DKK

43%

-4%


TO P 5 B O LI GTR AN SAK TIO N E R 2017 TOP 5 RESIDENTIAL TRANSACTIONS 2017

1.

PROJECT MARIGOLD Heimstaden købte selskabets hidtil største portefølje af Ares Management. Porteføljen består af i alt 26 ejendomme og fire projekter under opførelse, alle beliggende uden for Københavns by. Ejendommene er beliggende i Storkøbenhavn, Aarhus, Odense, det øvrige Sjælland og Trekantområdet. Porteføljen består af i alt 1.546 moderne boliger fordelt på 151.000 m². Transaktionen bekræftede tendensen om, at investorerne i 2017 også søgte uden for København for at finde attraktive afkast. Heimstaden’s largest portfolio, so far, was acquired from Ares Management. The portfolio consists of 26 properties in total and four properties currently under construction – all of which are located outside the Copenhagen City area. The properties are located in Greater Copenhagen, Aarhus, Odense, other areas of Zealand and the Triangle Area. The entire portfolio is of high and modern quality and consists of a total of 1.546 residential units spread across 151.000 sqm. The transaction confirmed the tendency that investors in 2017 sought outside Copenhagen to find attractive risk-adjusted returns.

Price:

2,925,000,000 DKK

Sqm:

151,000 sqm

Investor: Vendor:

Heimstaden Ares Management

PHOTO: VisitAarhus


PHOTO: Politiken

PHOTO: Bach Gruppen

HOSTRUPS HAVE Price:

1,690,000,000 DKK

Price:

1,200,000,000 DKK

Sqm:

64,777 sqm

Sqm:

30,000 sqm

Investor:

Heimstaden

Investor:

Vendor:

2.

BRYGGENS BASTION

Nykredit

Vendor:

Following the foreclosure of the cooperative housing association, the association’s lender, Nykredit, took ownership of the property and sold it to Norwegian Heimstaden. The property consists of 678 residential apartments and 47 commercial leases.

3.

PHOTO: Cushman & Wakefield | RED

Bryggens Bastion-project consists of two property blocks and a 86 meter high rise consisting of 265 condominiums located on Islands Brygge. The properties will be delivered in four phases from 20182021. Heimstaden acquired the properties from the Danish developer Bach Gruppen.

PHOTO: Arkitema

MARMORBYEN

4.

Heimstaden Bach Gruppen

RISSKOV BRYNET

Price:

> 1,000,000,000 DKK

Price:

Est. 900,000,000 DKK

Sqm:

27,600 sqm

Sqm:

33,000 sqm

Investor:

Patrizia

Investor:

Vendor:

Pensam

Vendor:

Marmorbyen which is located in the new part of Copenhagen, Nordhavnen, consists of 259 condominiums which was developed by Pensam and By & Havn, and sold to the German property fund Patrizia.

5. RETAIL

OFFICE

Domis

The Finish property fund CapMan bought these newly developed properties located outside of Aarhus from the Danish developer Domis. The properties consists of 340 condominiums and will be delivered in four phases from 2017-2019.

27 | YEAR BOOK 2017 INVESTERING

Capman

RESIDENTIAL


THE PROFESSIONAL AND EXPERIENCED CONSULTANCY IN THE REAL ESTATE MARKET

Cushman & Wakefield | RED

28 | YEAR BOOK 2017

Amaliegade 3, 5th floor INVESTERING

RETAIL

DK-1256 Copenhagen K OFFICE

RESIDENTIAL

+45 33 13 13 99

cw-red.dk

Året i tal 2017  
Året i tal 2017