Global private equity firm The Carlyle Group has agreed to acquire three development projects from NCC Construction in Denmark for the construction of over 400 homes through three residential projects in the Copenhagen region.
The current transaction is worth about SEK 760 million, covering the Dragør and Amerika Plads developments.
The three projects include the development, building and sale of 150 high-standard apartments on Krøyers Plads and 90 apartments at Amerika Plads, both in central Copenhagen in attractive central locations, and the development, building and sale of 165 homes in Dragør, a residential area which is 13km south of Copenhagen.
The Carlyle Group is investing in the projects through Carlyle Europe Real Estate Partners II, the fund dedicated to European real estate investments.
The developments are scheduled to commence in August 2005 and will be completed in mid-2008. NCC will continue to manage the construction of the developments. This is NCC Construction's largest transaction completed in Denmark to date.
Wulf Meinel, Managing Director, The Carlyle Group said, "We are delighted to be investing in Denmark again and look forward to working on these exciting projects with NCC Construction, which is an outstanding company. With the strong residential market in Denmark and the healthy economy, we believe this is a good time to invest in the country."
"NCC has done these sorts of real estate investment packages in Denmark in the past, and we look forward to the cooperation with The Carlyle Group," said Senior Vice President Torben Biilmann, NCC Construction Danmark A/S.
This is the second real estate investment Carlyle has made in Denmark. In May 2004, Carlyle announced an agreement with Port of Copenhagen and Nordkranen to develop 400 residential properties along the waterfront in Copenhagen's harbour.
Source: The Carlyle Group