The debt facility which represents in excess of DKK 1 billion was secured with leading Northern European financial services group, Nordea, with Catella Corporate Finance acting on behalf of Hines.
Hines acquired the Universitets Passagen buildings on behalf of the Hines European Value Fund (HEVF) in 2018 and announced plans for the redevelopment in January 2019. Recently, Hines unveiled details of its plan to create a new quarter for shopping and relaxation at the northern end of Købmagergade retaining and restoring historic buildings with their heritage features showcased. The name of the mixed-use redevelopment reflects its location adjacent to the historic Trinitatis church. In addition to transforming the retail offering, the redevelopment will feature a 243-room 25hours hotel designed by celebrated interior designer Martin Brudnizki, and will be the brand’s first hotel in Scandinavia.
The Trinity Quarter is set to complete in 2021, with the hotel opening in Q1 2022.
James Robson, Senior Managing Director and country head for Hines in The Nordics, said: “We are proud of this new relationship with Nordea, as it was important for us to partner with a Nordic bank, underlining our commitment to maintaining strong links in the region.
“This financing represents a resonant endorsement of the project and allows us to progress our plans with pace and confidence. Despite the current uncertainty in the world we are fully committed to this landmark redevelopment and are proud to be playing a part in the long-term future of Copenhagen as a leading international destination.”
Manuela Scheibe, Head of debt advisory Nordic for Catella, said: “We are pleased to have had the opportunity to extend our strong relationship with Hines through the procurement of financing, but also contribute to new relationships with strong partners, enabling Hines’ further growth in the Nordic region.”