DENMARK - Carlyle leads consortium to create new city district in Copenhagen

The Carlyle Group and Hoffmann Ejendomme, a Danish property developer, are in the process of aquiring Copenhagen Wholesale Market (Grønttorvet København). The aim is build a new city district in in Copenhagen on the site where the market was previously located. The are extends over approximately 40 acres. The transfer of ownership is expected to take place around 2011, when the market relocates to another location at Høje Taastrup Transport Center. The sale agreement is subject to approval by a general meeting of the Copenhagen Wholesale Market group in late June 2007. Hoffmann Ejendomme and The Carlyle Group have established a joint venture with the new-co name CVM Development. This company will work in close collaboration with local people and experts in architecture and urban planning from both Denmark and abroad, and with politicians and civil servants from the Municipality of Copenhagen. The consortium expects the first residences on the development site will be ready for use in 2012, and that the total investment in the project will reach DKK 6-8 bn( EUR 0.8-1.25m).