The investment is part of strengthening PFA's position in the modern office property market, which supports international trends such as sharing economy.
Multi-user offices - where several companies share the same offices and facilities - are an international trend that is becoming increasingly popular and has also found its way to Denmark.
“It is an exciting investment that supports the international trends - megatrends - we are working on. We can see that there is an increased focus on sharing economy in various forms, including multi-user offices, and this is something that we expect to see increased demand in Denmark in the future. In this regard, we have had a desire to add properties that can support this, and therefore we have entered into an agreement to buy and develop these two office properties," says Michael Bruhn, PFA's Real Estate Director.
“On behalf of the city, I am extremely pleased that PFA is now helping to expand our strong business area Cortex Park. The urban development of Odense is in full swing these years, and Cortex Park is an important part of that development. The area is closely linked to the research environment at the University of Southern Denmark and is even more closely associated with the city center when the light rail runs straight through the area in 2021. And then it is really positive that the two upcoming office buildings are both constructed according to the best sustainable principles and provide opportunities for many companies to share about the facilities," says Peter Rahbæk Juel, Mayor of Odense.
The total investment sum is DKK 381 million (EUR 51 million). The purchase is made as a direct investment. The land is purchased by the state's real estate company Freja, and the contractor at the new multi-user offices is H. Skjøde Knudsen A / S, which PFA knows well.
The largest of the two office buildings of 11,500 sqm is furnished with a number of common facilities and services such as a canteen and meeting center, while the smaller building is aimed at companies that only need the office space and want a lower rent. The two offices are built on two neighboring plots in the attractive and well-located business area of Cortex Park, which has good prospects for the future.
“In PFA, we are pleased with Odense, which is a city in an extremely positive development - both in business and housing, and the location of these buildings in the ambitious and well-located business area Cortex Park is absolutely perfect. With the two service concepts, the multi-user offices will be of interest to a broad target group, and I am sure they will help to strengthen Odense's position as a city with a good business and research environment. At the same time, it is a solid long-term investment for PFA's customers," says Mikael Fogemann, Head of Danish Property in PFA.
Focus Attorneys and EY become anchor tenants in the properties.
PFA has previously invested in multi-user office construction, e.g. together with the international company Wework in London and the Warehouses at the Port of Aarhus. There are several projects underway.
Construction in Cortex Park is underway now, and the 11,500 sqm building is expected to be occupied by the end of 2021, while the 5,500 sqm building is expected to be ready for occupancy 3-6 months later.