On 25 May 2021, Bonava announced its decision to wind down its operations in Copenhagen to increase efficiency and profitability in the Group, as well as its plan to divest its remaining land bank during the second half of 2021. Bonava has now reached an agreement to divest its land bank in Copenhagen, consisting of four properties, to Ikano Bolig A/S. Bonava will complete and hand over four ongoing construction projects to end customers according to plan.
“It is highly gratifying to announce this transaction, which demonstrates both an interest in and the value of our assets in Copenhagen. The land will now be further developed by a new owner with a regional focus. We will purposefully complete and hand over the ongoing projects to our customers and continue to gradually and responsibly wind down our Danish operations,” says Peter Wallin, President and CEO of Bonava.
The transaction is expected to be finalised during the fourth quarter of 2021. Bonava’s Danish operations are expected to be fully wound down in 2023 while warranty commitments will remain valid through 2032.