Over the past five years, By & Havn and NREP have jointly developed the urban and commercial life in the Aarhusgadekvarteret (Aarhus Street neighborhood). By combining the area's retail space under a common, strategic manifesto and in a joint company (Nordhavn P / S), in a record time, we have succeeded in creating a sustainable, varied and unique retail life in a brand new Copenhagen district.

Now By & Havn and NREP sell the company to PFA, which wants to continue a long-term and healthy development of the area's retail.

For By & Havn, the involvement of the retail trade company in particular has been aimed at ensuring retailing a good start in the new area for the benefit of the residents of the Aarhus Street neighborhood and the community and life in the district in general. And it has been a huge success.

“We are pleased to have helped initiate and develop a good retail trade in the Aarhus Street neighborhood, where the focus has been on offering residents in the area a business life with great variety and high quality. As a result, there are now two supermarkets in the Aarhus Street neighborhood. The neighborhood has also got a new luxury movie theater, BigBio, just before the turn of the year. There are several specialty shops to shop in and plenty of options for eating and going to a café. By & Havn has been a birth assistant in this project, and with the sale to PFA, we believe the retail company is in good hands, ensuring a long-term commitment for the benefit of the area's residents and users,” says By & Havn's Development and Sales Director Michael Soetmann.

With a smaller ownership share, NREP continues its work to find the right tenants and develop the retail concept in Nordhavn P / S.

“There are many examples of how difficult it is to create life in newly developed urban areas. But with a clear vision, it has succeeded well here in Nordhavn, which has become an area that one follows and tries to learn from, both inside and outside Denmark. Soon, even more exciting concepts will open, including an innovative pharmacy, a unique bike workshop, a beer bar and several restaurants, also from the top shelf. It is clear that both residents and Copenhageners enjoy the neighborhood's mix of offerings, and we look forward to continuing the ambitions together with PFA. Soon the viaduct will reopen to Århusgade and with two new metro stations, a new, exciting chapter for the area will start,” says Thomas Riise-Jakobsen, partner at NREP.

PFA has wanted to acquire the company in order to complete the next phase of retail development and operation in the area. PFA wants to be a long-term owner of the company in the Aarhus street district, in which the pension company has a great interest. because of PFA's own domicile resident in the area.

“PFA is located in Nordhavn, and we want to contribute actively in our immediate area. This means, of course, that we want to take active ownership, which is why we have chosen to go long-term in this investment to drive and develop a healthy urban development of the area, which benefits residents. As we have succeeded in creating a varied universe of experiences rooted in necessity-driven retail and sustainability, the investment fits very well into our overall property portfolio,” says Mikael Arne Fogemann, Head of Danish Property at PFA.

The sale and transfer of retail company Nordhavn P / S will take effect from 31 January 2020.