ELF Development Sells 17,000 sqm Project to Aberdeen
Denmark Aberdeen Asset Management and ELF Development have signed the transaction of a 17,000 sqm mixed use property at the project stage. The project is located on Lindholm Brygge in Aalborg, Denmark. The sales price is undisclosed. Construction of the project starts in the beginning of 2018, and is scheduled for completion during the summer of 2020.
Ludvig Find, CEO of ELF Development, is satisfied with the sale. ”We are happy that the project now will be constructed more or less as intended when ELF Development originally developed the municipality plan for the area. It is a visionary project which breaks with the traditional scale and skyline of the city, and puts Aalborg on the national map due to the height and visual characteristics of the project,” says Ludvig Find.
Aberdeen has bought the land and the project on behalf of an investor group. “Aalborg is a very interesting city seen from a development perspective. And in addition, there is incredibly beautiful nature, good infrastructure and a lively nightlife. It all helps to make this project very attractive, both for us and for future residents,” says Fund Manager Michael Schumann from Aberdeen Asset Management.
Lindholm Brygge in Aalborg, Denmark, was once an industrial area dominated by a cement factory. Now the area has been revitalized, converted into a high-end residential area, and the last and biggest project will be a 17,000 sqm mixed use project consisting of 160 residential units as well as commercial space in a 66 meter high tower called “Horisonten”.
Arkitema is the architect for the project, while NCC will handle the construction.