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The fund TG Partners I was established in 2008 with a purpose of investing in properties in Copenhagen following the financial crisis. In 2010-2011 we made investments for a total of DKK 750m distributed across 10 well-situated properties in Copenhagen, Frederiksberg, and Hellerup. The fund was sold in 2016.
In connection with the purchase we identified a number of disorders and an operations and maintenance backlog. This enabled us to terminate and renovate four tenancies and re-let the flats at a significantly higher rent. In addition, we have made a series of basic improvements – e.g. fitting new eco-friendly and noise-reducing double-glazed windows – enabling us to increase the rent level for all tenants. Furthermore, we have secured an increase in the rent level through correction of historically (low) rent adjustments as well as through renegotiation of the terms of the commercial tenancies in connection with the change of tenants and streamlining operations and management.
The opportunities for value creation were identified in connection with our enquiries prior to the purchase and were part of the business plan for the property which formed a basis for the final decision to invest.
DKK 3.3m have been invested in improving the property. During our ownership the result of the property before interests has increased 46%.