Nrep and AG Gruppen acquire FLSmidth’s 72,000 sqm former HQ in Copenhagen
Through the NSF V fund, Urban Partners, a leading Nordic urban developer and investor, has acquired the former headquarters of Danish technology firm FLSmidth in Valby, Copenhagen, via Urban Partners real estate investment strategy Nrep in a joint venture with AG Gruppen. The ambition is to develop the 72,000 square metre plot into modern office facilities and homes for locals.
Built in 1956, the impressive headquarters was designed by architect Palle Suenson and has served as the headquarters of industrial group FLSmidth. The historical industrial site will now undergo a comprehensive renovation and development in which the property and the surrounding area will be reimagined as a setting for modern homes, offices and urban life. The acquisition is being made through the NSF V fund.
With this acquisition, Nrep and AG Gruppen are underlining their joint ambition to transform the city’s unused and ageing commercial buildings into vibrant, mixed-use neighbourhoods with architectural and historical character.
The area represents a unique and central urban development opportunity that also captures a large part of Denmark’s industrial history. A significant area of the current office space will be renovated into modern offices, while approximately 55,000 square metres of residential space will be developed.
“Valby is a rapidly changing neighbourhood, and we see strong local commitment and a desire to continue developing the area. We want to contribute to this positive development and use the area’s industrial history to add another attractive area to Valby. With our approach, we want to build on Valby’s existing qualities and do our part to create an open and sustainable neighbourhood with room for life, work and community,” says Thomas Riise-Jakobsen, partner and country manager for Denmark at Nrep.
AG Gruppen is equally excited about the prospect of the project and will lead the development process. “We are pleased that we now have the opportunity to develop an exciting new urban district for Copenhagen and its residents, in collaboration with our strong joint venture partner Nrep. We believe that through our joint efforts, we will create a vibrant new neighbourhood that connects the area’s historical significance with modern housing and attractive office spaces,” says Bjarke Windeløv Graae, CEO of AG Gruppen.
FLSmidth will move into a new headquarters at Havneholmen in 2026, leaving the iconic building for modern urban development. “FLSmidth has had +125 great years at Vigerslev Allé, where the area has developed significantly in line with our company’s development. We look forward to moving to a new head office on Havneholmen soon, which is better suited for the FLSmidth organisation as it stands today. We are also pleased to hand over the address to Nrep and AG Gruppen, and will follow with interest as Suenson’s iconic property is united with new homes and urban life,” says Roland M. Andersen, CFO at FLSmidth.
Renovation of existing buildings
In recent years, Valby has seen remarkable growth, with transformative projects such as the Grønttorvet district adding new attractive areas to the neighbourhood. With the transformation of Vigerslev Allé 77, Nrep and AG Gruppen wish to build on the momentum and enhance connectivity through the site in order to make it an active and integrated part of the surrounding city.
REVCO, which is well-known for its work redeveloping historic buildings into modern workspaces, has been appointed to transform a large part of the offices.
“We see great potential in utilising and further developing existing buildings. Not least when it comes to an iconic commercial property such as FLSmidth’s beautiful old headquarters in Valby. When we convert older office buildings into modern workplaces, we save resources and carry history forward with us. It’s a smarter, more sustainable path forward for the community, the city and the planet,” says Thomas Riise-Jakobsen.