Starz Real Estate has provided a €22.6m senior facility secured for the World Trade Center Ballerup (WTC) located in Greater Copenhagen, Denmark, arranged by Wittenborg Capital for Kongeegen A/S. The modern business centre totalling c.18,000m² comprises 12 meeting rooms, an auditorium with capacity for 150, a restaurant, cafe, lounge, reception, fitness centre and healthcare centre with over 20 clinicians, practitioners and therapists.
Kongeegen acquired the WTC Ballerup in 2011 when Siemens was the sole occupier of the entire building. In 2014, Siemens vacated the property and Kongeegen re-branded the then property as World Trade Center Ballerup. Following the rebranding, the sponsor embarked upon the repositioning of the asset, creating healthcare and conference facilities and serviced office space, increasing occupancy to in excess of 90% today.
Imo Skrzypczyk, Managing Director at Starz Real Estate, said: “Starz Real Estate is delighted to have completed on the financing for WTC Ballerup, a modern asset located in the heart of the country's 'Silicon Valley' and home to Denmark's largest concentration of research and hi-tech companies. In a relatively short space of time, Kongeegen has successfully transitioned a substantial purpose-built HQ style single-tenanted property to a dynamic, multi-tenanted asset with multiple space types which is currently home to over 110 different occupiers from a variety of different industries. The current occupancy and performance of the property is a testament to the appeal of the space the sponsor has created through their refurbishment. We are excited to be supporting Kongeegen in the next phase of its business plan for the property.”
Jakob Veno Schougaard, COO at Kongeegen A/S commented: “It has been a pleasure to cooperate with Starz and at the same time be involved in their first transaction in the Danish market, where we have been advised by Wittenborg Capital LLP. We have, in a relatively short space of time, managed to develop the existing asset into a stable investment property and are now looking forward to further developing the property and its other possibilities.”
Thomas Wittenborg, Managing Partner, at Wittenborg Capital LLP commented: “We are very happy to have once again been able to support one of our long-standing clients with the financing of one of their key assets.”
