New urban quarter being created on former Copenhagen wholesale market site

Danish residential property developer FB Gruppen acquires a large site in Valby, Copenhagen, which currently houses the wholesale market for fruit, vegetables, flowers and plants. The acquisition includes 160,000 square metres at a value of approx DKK 600m.

The plan is to develop the area into a new urban quarter boasting owner-occupied flats, social housing and businesses, etc as well as a number of childcare centres and a park of 19,000 square metres, which will reference the history of the area.

FB Gruppen has Danish pension fund PKA onboard as an investor and source of financing and this investment is PKA’s largest property investment to date.

LETT has assisted FB Gruppen in connection with the acquisition. LETT’s advice in the acquisition process included the contract of sale, aspects of construction and lease law as well as the financing agreements.