The German international private equity fund Corestate has chosen to place its first investment in Scandinavia in Copenhagen. The investment comprises the purchase of an attractive commercial plot situated on the waterfront in the new part of the city Engholmene in Copenhagen’s harbour which has been developed by NPV which also is the seller of the commercial plot. At the same time, NPV has entered into a delegated developer agreement with Corestate, according to which NPV manages the development and building of a turnkey hotel of 12,200 m2 with 248 rooms. When the hotel is ready in 2023, it will be run by Corestate’s hotel company “JOYN”. The hotel will be an apartment hotel, which, in addition to the 248 rooms, also comprises a restaurant, cafe, fitness centre and co-working area. ”JOYN Engholmene” will thus also be an active offer in the local area.
Corestate manages assets to a total sum of DKK 194bn and is thus a big player in the international property markets. Corestate employs 700 people and operate from 42 offices in many countries.
Corestate states as its reason for choosing Copenhagen the presence of a considerable and dynamic market for business travellers, expats and ”young mobile professionals”. In addition, Corestate has attached importance to the generally stable conditions in Denmark and the strong Danish economy.
NPV is satisfied with the new collaboration with Corestate, where NPV acts as delegated developer. The NPV Director Kim Lang Sørensen says, “We see the collaboration with Corestate as a natural consequence of a development where Copenhagen in particular to a still increasing extent is able to attract international and highly capitalised investors needing competent cooperation partners with local insight and roots. On that background, we see good possibilities of entering into more similar collaboration agreement in the future.”
The new “JOYN Engholmene” hotel is designed by Vilhelm Lauritzen Arkitekter, and NPV has signed an agreement with C.G. Jensen for the erection of the project as a turnkey contract. The technical adviser on the project is the engineering firm MOE.
“The JOYN Engholmene” hotel will be built so that it satisfies the DGNB Gold certification requirements. This is achieved through the use of the latest technological breakthroughs in respect of innovation and sustainability.
- Total area of 12.200 m2.
- Will consist of 248 rooms.
- To be erected in the canal city of Engholmene in Copenhagen’s Souther Harbour with NPV as developer.
- The concept is an apartment hotel
- Ready for opening in 2023.
- Designed by Vilhelm Lauritzen Arkitekter and C.G. Jensen as turnkey contractor.