Sold off-market: Prominent Aalborg property sold without ever having been put up for sale

The historic property was built in 1906–1907 and is one of the most distinctive commercial premises in the ‘Paris of the North’, with its striking architecture, granite details and central location at 43 John F. Kennedy Square. For many years, the property served as Nykredit’s headquarters in Aalborg, but today it is let to, amongst others, a medical practice and office tenants.

The property was not for sale at all
JFK Invest Aalborg, which has now sold the property, acquired it from Nykredit in 2018. Nykredit subsequently continued as a tenant during a transitional period before the company moved to its new headquarters. Since then, the property has been let to, amongst others, a medical practice and the company Blue Power Partners. However, it was not the intention that the property should change hands.

Rene Ingemann, director of JFK Invest Aalborg, which has now been sold as part of a corporate transaction, says: “We had no plans to sell the property, and it was not originally for sale. But when Michael Stilling from EDC Erhverv Poul Erik Bech Aalborg got in touch and said he could sell it, we gave him the go-ahead to give it a go. For us, it was important that it was a reputable buyer whom we could vouch for ourselves, and who had the right intentions for the property – and the new buyer does. The sale helps to free up some capital for future investments, so we are in the market exploring our options.”

Off-market deals are becoming increasingly common
The deal is a good example of how the most attractive properties are often traded without being publicly advertised, says Michael Stilling, partner at EDC Erhverv Poul Erik Bech Aalborg, who brokered the sale of the property: “Some of the best deals are those that never reach the open market. We know that John F. Kennedy’s Plads 43 is a very special property, which is why we contacted the owner directly, confident that we could find the right buyer. It turned out to be spot on.”

According to Michael Stilling, off-market deals have become an increasingly important part of the investment property market: “Many owners want to test the market without putting an official ‘for sale’ sign on the property. If you have the right network and know the active investors, you can facilitate transactions where both buyer and seller benefit from a more targeted and confidential process. That is precisely the type of transaction we have completed here.”

Prestigious properties require the right buyer
Built between 1906 and 1907, the property is one of the most striking in Aalborg, and its location on John F. Kennedy’s Square also helps to make it one of the most attractive commercial properties in Aalborg.

Michael Stilling says: “It is a trophy property at one of Aalborg’s very best addresses. The building has a strong identity, a fascinating history and a quality that is rarely seen. At the same time, it is a well-managed investment with solid tenants and development potential that the new owner can build on. That is why it was not just a matter of finding a buyer – but of finding the right buyer.”

“When a property like this changes hands, it’s a major event in the market. Properties of this type are typically held for many years, which is why the opportunity to acquire them arises only very rarely. It requires both a strong network and a good understanding of the investors who are ready to strike when the opportunity arises,” concludes Michael Stilling.