Køge, Denmark

Adjacent to Køge Station and the town centre shopping area, TK Development is building a 34,300 sqm project comprising a retail project of about 19,000 sqm, public service facilities of just under 9,000 sqm, including a town hall and a rehabilitation centre, and residential units totalling about 6,300 sqm. In addition, the project comprises parking facilities of about 13,000 sqm. The building rights for the town hall and the rehabilitation centre have been sold to the Municipality of Køge.

The 19,000 sqm retail project has been sold to Finnish-based Citycon together with parking facilities of about 13,000 sqm. The project is being handed over to Citycon in three phases.

The initial phase, totalling some 4,000 sqm and comprising a cinema and restaurants, was completed in May 2017 and handed over to the buyer in July 2017. Construction of the second phase of some 12,000 sqm was challenged, and therefore delayed, by the bankruptcy of a contractor in August 2017. The second phase has now been completed, and the shops opened at the end of September 2017.  Handover of the second phase to the investor was agreed after the balance sheet date and will significantly reduce total consolidated assets. The third and final phase of the project, totalling some 3,000 sqm, is expected to be completed in 2018.

The current occupancy rate for the total retail project is 92%. Tenants include Irma, Fakta, H&M, Bones, Kings & Queens, Sportigan, Wagner, Gina Tricot, Deichmann and a six-screen Nordisk Film cinema.

In the context of the 6,300 sqm residential project, TK Development is currently developing about 3,000 sqm of housing units in Rådhusstrædet. A total of 28 residential units will be constructed, consisting of both owner-occupied units and two-storey town houses. The pre-completion sale has begun, and just under half of the units have been sold. Construction is ongoing, and the first residential units are expected to be ready for handover at the end of 2017.

For more information about the housing units in Rådhusstrædet, click here. The information is in Danish.