Two properties in Vesterbro sold for DKK 80 million: Fund Manager wants to bring new life to Copenhagen properties
On behalf of HLM Fund III, HL Management acquires two investments properties in Vesterbro in Copenhagen. These are two classic Copenhagen properties at Vesterbrogade 89 and Gammel Kongevej 33B, which were built in 1899 and 1876 respectively and together they contain 31 residential and 4 commercial leases.
Henrik Lid, CEO and partner at HL Management, says: “These two properties are exactly what we are looking for in our third fund. They are two old, quality properties that perhaps have lacked the necessary love over the past few years. The fundamentals are good and there is a great opportunity to further develop the properties so that they can last for many years to come. There is an untapped potential in the properties that we will try to unlock.”
” We want to bring the properties back to their glory days and bring new life to the properties. For example, there are no bathrooms in the apartments in the Gammel Kongevej property, so to give the property a boost and make it contemporary, we will create quality bathrooms for all the apartments in the property and refurbish the apartments. The apartments on Vesterbrogade will also be modernized and given a boost.
Must look good in the streetscape
It is no coincidence that HL Management has just invested in the two Vesterbro properties.
” Our primary areas are the bro-districts and Frederiksberg, so the properties on Vesterbrogade and Gammel Kongevej are right on target. We want to contribute to development of the bro-districts and improve the quality of properties in these areas,” says Henrik Lid and continues:
” It is important to us that our properties look good on the street, and we want people to notice that the exteriors of our properties have been given a loving hand. The under facades are either painted over with graffiti or upholstered with wood, so they need to be spruced up too. We want to restore the facades to bring out the old, original look and contribute to a more beautiful city to live in.”
Happy about the collaboration
EDC Poul Erik Bech Copenhagen brokered the sale of the two properties, and Henrik Lid is pleased with the collaboration with the business broker: “This is neither the first nor the last time we work with EDC Poul Erik Bech. They have good experience and therefore a good understanding of the market, so it is a pleasure to work with them. Many thanks to Poul Randrup and his colleagues for their cooperation.”
Poul Randrup, real estate agent EDC Poul Erik Bech Copenhagen, says: “We are pleased to have brokered the sale of the two properties in Vesterbro. There was a lot of interest in the properties, but in the end, we are happy that HL Management ended up as the buyer. They have a clear plan for the development of the properties, ensuring that the classic Copenhagen properties can continue for many years to come. The deals are also a sign that the investment market is really starting to pick up again in Copenhagen. Congratulations to all parties on the deals.”