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Carlsberg finds buyer for chunk of historic brewery

After two-year hunt for investors, Carlsberg sells part of historic brewery to deep-pocketed developer
Carlsberg and the Realdania foundation have struck a deal on the historic Carlsberg brewery in Copenhagen, reports financial daily B?rsen.
The last pilsner was brewed and bottled in the brewery’s taproom in late 2008 when Carlsberg moved production to Fredericia. But plans to redevelop the brewery into artsy, mixed-purpose neighbourhood were put on hold for several years by the financial crisis and plummeting property values.
It now appears that the project is back on track as Carlsberg has secured the first big investor:Realdania – the capital-rich investment group behind dozens of architectural and preservation projects, such as Copenhagen’s Fortifications and Denmark’s Aquarium -- has purchased 25 percent of the Carlsberg grounds for an undisclosed sum.
A precondition of the deal is that other buyers must be found for an additional 50 percent.
Some real estate experts are betting that the commitment from Realdania will sweeten prospects for other investors – but they will still need deep pockets, like Realdania’s.
The Carlsberg development project ”requires a broad breast, since the project is capital intensive. We’re talking about a long-range, equity-driven project,” said Peter Winther, CEO of investment property consultancy Sadolin & Alb?k.
The 160-year-old brewery spans more than 330,000 square metres or 33 hectars of land, with historic buildings, parks and an abundance of atmosphere in a prime area of Copenhagen.
The Carlsberg brewery development project will incorporate housing and commercial spaces, as well as cultural attractions. The plan allows for the building of new residences, but the brewery’s historic buildings and unique identity must be preserved.
On January 1, 2011, the brewery grounds even got their own postcode – 1799 – the last available number in Copenhagen’s up-and-coming Vesterbro district.

16 Mar. 2011

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