Jeudan pounces on Danish car park for €45m

Denmark's largest listed property company, Jeudan, has acquired an underground parking facility at Amerika Plads in Copenhagen for DKK 335 mln (€45 mln), from local investor Agat Ejendomme and developer By & Havn.

The 26,000 m2, 814-space asset was developed as part of the Amerika Plads scheme by By & Havn in partnership with Danish property company Agat Ejengomme, and operated by the latter.

Agat Ejendomme and By & Havn have over the last decade developed Amerika Plads into a extensive residential and business area. The public square and surrounding neighbourhood in the Østerbro district of Copenhagen, Denmark is the result of a redevelopment of an area in the southern part of the former Freeport of Copenhagen into a mixed-use neighbourhood.

The two firms owned the parking facility as part of a 50:50 development company venture and did not plan to be long-term owners of the asset, according to Catella Corporate Finance, which advised on the sale. Catella said that the structured sales process attracted interest from investors all over the world.

However local player Jeudan, which has a significant presence at Amerika Plads coupled with parking facility experience, was able to secure the strategic investment.

Law firm Kromann Reumert advised on legal matters.

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