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9 February 2011

M. Goldschmidt Ejendomme A/S acquires one of the largest aircraft hangars at Copenhagen Airport

One of Copenhagen Airport's largest aircraft hangars sold to M. Goldschmidt Ejendomme

The hangar was originally built by Rev. Eilif Krogager to service his airline, Sterling Airways, which was one of Europe's largest tour operators at the time. The total cost of the original construction was just over DKK 150,000,000.00. Covering a total floor area of 12,000 sqm, the hangar can service three large Boeing 767s at a time.

Today, the hangar and adjacent office premises are let to tenants including Star Air, a subsidiary of the A.P. Moller-Maersk Group, and the airline Norwegian.

Mikael Goldschmidt: "We bought the property from an estate in bankruptcy, and although investing in real property at Copenhagen Airport marks a slight deviation from our usual concept in terms of location and type of property, we have not diverted from our business perspective, as the property is let to strong tenants and offers an attractive depreciation profile. All in all, I believe that the hangar is a perfect supplement to our very attractive portfolio of properties, although it is probably somewhat of an 'ugly duckling' compared with most of our other properties. The entire hangar and adjacent office premises and workshops will now be renovated and upgraded to the usual high standard of maintenance characterising all of our properties."

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