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, of which the first two, totalling 16,000 sqm, were handed over in financial year 2017/18. The third and final phase of the project, totalling some 3,000 sqm, is expected to be completed and handed over to Citycon in 2018.
TK Development is involved in a few disputes and arbitration proceedings in relation to the project. Together with its external advisers, Management has considered these issues and made provisions for potential losses.
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 have been constructed, consisting of both owner-occupied apartments and two-storey town houses. A total of 64% of the units have been sold (Q4 2017/18: 60%). The units are handed over as and when sold.
For more information about the housing units in Rådhusstrædet, click here. The information is in Danish.