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22 December 2009

Largest forced sales in the history of Denmark completed

  • The M. Goldschmidt Group and BRFkredit have signed an agreement for the acquisition of the Klosterparken estate
  • The acquisition of the Klosterparken estate in Ringsted comprises 310 commonhold units built in 2006, covering a total site area of 223,000 sqm and a total residential floor area of 27,000 sqm

Owner of the M. Goldschmidt Group, Mikael Goldschmidt: “The forced sale of the Klosterparken estate offered a very attractive investment opportunity for us and we have therefore kept an eye on the estate for the past year or so. The acquisition of Klosterparken will contribute positively to our operations after financing from day one. On the short horizon, we have chosen to view the estate as a rental property but we are very conscious of the additional potential offered by the property when the market for commonhold units returns to normal, which was our main motivation for making the acquisition. Immediately after taking over the property, we took steps to improve the property’s current state of repair and quickly distance it from the vacuum that naturally followed in the wake of the previous owner’s bankruptcy. We have therefore with immediate effect launched the following initiatives to improve and complete common recreational areas etc.: Establishment of playgrounds, playing fields, protective planting, road and path systems as well as establishment of an outdoor swimming pool, if we can obtain permission to build the latter. All these initiatives will benefit existing and new tenants in the estate. In addition, we have initiated construction activities to bring the property to the high level of quality that is characteristic of the M. Goldschmidt Group.”

The Klosterparken estate was taken over immediately (with effect from 1 December 2009) at a price of DKK 375 million.

The M. Goldschmidt Group’s acquisition of Klosterparken marked a continuation of a large number of attractive property acquisitions, resulting in the takeover of 35 properties and estates since 1 January. Our entire organisation’s competencies are geared towards quickly and efficiently taking over both well run and less well run properties and quickly enhancing their efficiency and systematising them after takeover. In this connection, Mikael Goldschmidt said: “It is my immediate impression that we will have an opportunity to make attractive acquisitions in the year ahead and we have therefore increased our headcount in advance and geared our entire organisation towards handling such takeovers in a dynamic manner and being on the ball in an effort to avoid any bad bargains.”

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