Project Lake

Key Data

Country:
Denmark
Sector:
Residential and Commercial
Project Value:
c.€75m
Investment Date:
2013
Status:
Realised in 2016
Asset Overview:

Landmark residential-led mixed-use scheme in Copenhagen

The story in stats

c.€20m

refurbishment programme

100%

occupancy at exit

Prime location

Project Lake is a landmark residential-led mixed-use complex, situated in central Copenhagen, in the vibrant and trendy neighbourhood of Norrebro.

At the time of purchase in 2013 the building was in a poor physical condition, suffered from low occupancy and weak rents.

InfraRed developed a strategy to turn the premises into a landmark destination offering newly refurbished restaurants, shops, offices and apartments.

Creating Real Value

Since the acquisition, the buildings have undergone extensive refurbishment totalling approximately EUR20m of capital expenditure. Low-value ground floor apartments were converted into attractive restaurants, coffee shops and bars fronting the lake. A new apartment block was built on a redundant carpark and outdated storage spaces were converted to a contemporary office let to a leading architect bureau.

InfraRed’s management created value by converting existing premises into a fully let, trophy asset in the centre of Copenhagen that was sold in January 2016 to a Danish Institution.

The sale of Project Lake sees the conclusion of a fascinating journey for us. Many of the buildings were originally constructed in the late-nineteenth century and had been under-invested for many years. We were able to transform the properties through a substantial regeneration programme, reinstating them to their former glory and  created a new destination in central Copenhagen enriching the community and delivering an attractive asset to its new owner

Gareth Purcell
Director at InfraRed Capital Partners