Køge, Denmark

This project comprises about 34,300 m², excluding parking facilities, and is being built immediately next to Køge Station and the town centre shopping area. The total project comprises a retail project of about 19,000 m²; public service facilities of almost 9,000 m², including a town hall and rehabilitation centre; and residential premises of about 6,300 m². In addition, the project comprises parking facilities of about 13,000 m². The building rights for a town hall and rehabilitation centre have been sold to Køge Municipality. The retail project of about 19,000 m² has been sold conditionally to the Finnish company Citycon together with parking facilities of about 13,000 m².

The project will be handed over to the investor in three phases, of which the first phase – scheduled for handover at end-May 2017 – comprises a cinema and restaurants. Most of the project is expected to be completed and handed over in autumn 2017, while a minor part is not scheduled for completion until 2018. The sale to Citycon is expected to have a significant positive impact on results in the 2017/18 financial year when the completed part of the project is handed over to the investor.

The current occupancy rate is 86 % for the overall retail project. The tenants include Irma, Fakta, H&M, Bones, Kings & Queens, Sportigan, Wagner, Gina Tricot, Deichmann and Nordisk Film Cinemas, which will be opening a six-screen cinema.

TK Development is also working on the development of about 3,000 m² of housing located on Rådhusstrædet. A total of 28 residential units will be constructed, consisting of both owner-occupied apartments and two-storey town houses. TK Development has recently started the pre-completion selling process. Construction will be carried out in connection with the remainder of the project, and the residential units will be ready for handover at the end of 2017.