Aareal Bank expands its Denmark portfolio. In the last few months and primarily to financing projects in Copenhagen the international property bank provided new loans in Denmark that amount to about â¬150 million.
Aareal Bank is financing the renovation of the public broadcaster Danmarks Radioâs current location that will be relocated to a new head office in 2006. Therewith the bank takes part in one of the largest development projects in Copenhagen. For the listed developer SjÃ¦lsÃ¸ Aareal Bank also finances the construction of two residential buildings on the same premises. Other loans for the strongly established Copenhagen real estate market went to a joint venture of the Danish developer Nordkranen and Cargill Value Investment for a housing complex on Copenhagenâs cruise ship port and to the real estate group Essex Invest for the Essex residential complex on the Copenhagen island Amager as well as another one at popular South Harbour.
Aareal Bank has been active in Denmark since 1992, managing a credit volume of almost â¬ 1 billion and more than â¬ 3 billion throughout Scandinavia. Aareal Bank is represented in 13 European countries, the US and Singapore, handling property financing projects in 22 countries.
Source: Aareal Bank