SD Karreen, Copenhagen
Transformation of out-dated block into a landmark destination in central Copenhagen
The backdrop
SD Karreen was once a magnificent group of nineteenth century buildings. Over time, they had been neglected and lost their former glory.
One of our most multi-facetted real estate projects to date, InfraRed identified the potential of this run-down but ideally located site in the vibrant neighbourhood of Norrebro in central Copenhagen.
We developed a strategy to turn the premises into a landmark multi-use destination offering newly refurbished restaurants, shops, offices and apartments.
100%
occupancy on exit
c.€75m
project value
c.€20m
refurbishment programme
The challenge
At the time of purchase in 2013, the buildings were in a poor condition, suffering from low occupancy and weak rents.
Creating spaces to inspire peoples' lives
InfraRed completely redeveloped the properties through a substantial regeneration programme, reinstating them to their former glory and creating a new destination in central Copenhagen. Since acquisition, the buildings have undergone extensive refurbishment totalling approximately €20m of capital expenditure.
Low-value ground floor apartments have been converted into attractive restaurants, coffee shops and bars fronting a lake. InfraRed also constructed a new 8-home apartment block on a redundant carpark, while converting outdated storage spaces into a contemporary office now let to a leading architect bureau.
SD Karreen was sold to a Danish Institution in January 2016.
“The sale of SD Karreen sees the conclusion of a fascinating journey for us. By reinstating the late-nineteenth century buildings to their former glory, we created a new destination in central Copenhagen, enriching the community and delivering an attractive asset to its multiple occupiers, neighbours and new owner.” Andreas Katsaros
Head of Origination - Real Estate