Nordic real estate investors buy Titanhus, one of the larger commercial properties in Copenhagen Science City, for 313, 5 million DKK (42 mio €). The Nordic developer, operator and innovator NREP bought the office building in mid-October. The new owner is currently discussing future arrangements with the current tenants and plans a major overhaul of the property inside and out.
Property with interesting tenants
Titanhus is home to Copenhagen Science City-partner Singularity U Nordic and the approximately 40 companies in their start-up community. The building also houses computer vision specialists Image House Holding, an auto parts wholesaler and the upper secondary education institution “Akademisk Studenterkursus”. According to the new owners, the tenants are a vital part of what attracted them to the property.
The house has several interesting tenants and the building is well suited to create a dynamic environment. We see great potential and many opportunities to develop the property further. Thanks to the property’s considerable size and interior design for multi-user office buildings, it fits well with our strategy for the office segment, and with our overall aspiration to improve the built environment”: Toke Clausen, Head of Investments, Denmark, NREP.
Real estate developer known for novel solutions
NREP is an integrated real estate product innovator, developer, investor and operator with activities in Finland, Sweden, Norway and Denmark. In Copenhagen NREP is known urban development in Northern Habour, Tingbjerg and Ørestad, and for sustainable projects such as Upcycle Studio and Resource Rows where all building materials in two Ørestad city blocks came from demolished buildings. Titanhus is located in Titangade, a corner of the capital where urban renewal is only just getting started. In the view of NREP, Titangade and the surrounding area will change significantly in years to come.
“We at NREP see Titanhus as a strong addition to our office portfolio because of its location in Copenhagen Science City. We believe that this area will change a lot over the coming years. University of Copenhagen is expanding, a new metro-line just opened, and student housing sites are being developed. These are all vital parts of this journey that we believe will “move” this area”, says Toke Clausen, Head of Investments, Denmark at NREP, who adds that NREP hope to complete their coming refurbishment of the building by 2021.
Happy to welcome ambitious stakeholder
Copenhagen Science City is an innovation district in the heart of the Danish capital. Here the University Hospital Rigshospitalet, the University College Copenhagen and University of Copenhagen collaborate to create an attractive location for innovation intensive companies. More than 350 deep tech companies have chosen to co-locate in the district.
”In Copenhagen Science City, we work hard to create the best possible conditions for innovation intensive start-up companies. We are pleased to welcome an ambitious new stakeholder to the district, and glad to see, that NREP plans to run the property as a multi user office building. We look forward to seeing Titanhus develop and thrive”, Kristoffer Klebak, Head of Secretariat, Copenhagen Science City.
Pleased with new owners
Dreyers Foundation still owns another large property well suited for Life Science companies at the corner of Lersø Park Alle and Haraldsgade. The managing director of Dreyers Foundation, Bo Rygaard, is pleased with the new owner of Titanhus.
“Our foundation has decided to focus on residential properties. We are pleased to have sold Titanhus to a property developer as professional as NREP. We feel confident that they will improve the property while taking good care of the current leaseholders”, says Bo Rygaard, managing director, Dreyers Foundation.
Size. 22,000 square meters 6,000 square meter basement.
Adress. Titangade 9-13, 2200 Copenhagen N.
Price. 313.5 million DKK (42 mio € )
Takeover. NREP took possession on October 15th.
Founded: In 2005, by two Danes and a Swede
CEO: Claus Mathisen, main office in Northern Habour, Copenhagen
Scope: Roughly 2,3 mio. m2 real estate under management across the Nordics
Employees: Approx. 180 employees across the Nordics
Focus: Urban development, residential, logistics, care homes, student housing and offices