Halmtorvet 20-22

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Investment Memorandum

CONTENTS

Introduction

Investment highlights

Copenhagen hotel market

Location

The Property

Floor plans

Contacts

Disclaimer

INTRODUCTION

Prominent Copenhagen CBD office property ideally suited for hotel conversion

Colliers International Danmark A/S (Colliers) has been assigned with the sale of Halmtorvet 20-22, DK-1700 Copenhagen V (the Property). Comprising 7,500 sq m in total, including 1,270 sq m parking basement, the Property has over the past 30 years or so served as police station, featuring mainly office space on upper floors. Today, however, the Property is vacant and ready for redevelopment. Originally built in 1961 as a column and beam construction, the Property is a landmark building believed to be ideally suited for hotel conversion due to its excellent location in the heart of Copenhagen in proximity of Copenhagen Central Station. The Copenhagen hotel market has made a full recovery since the slowdown due to the COVID-19 lockdowns, with Copenhagen city hotels today posting golden industry KPIs in terms of occupancy rates and room rates. Colliers has been retained as sell-side advisor by Commercial Real Estate Denmark P/S (the Seller) on the proposed structured sale of the Property (the Transaction).

Co-owned by domestic funds TDC Pensionskasse (TDC Pension Fund), P+, Pensionskassen for Akademikere (P+, Pension fund for academics), LPK, Lægernes Pension (Danish medical doctors' pension fund), PBU, Pædagogernes Pension (Pension fund for early childhood and youth educators), Aage V. Jensen Charity Foundation and Aage V. Jensen Naturfond, the Seller owns and operates a major portfolio of commercial real estate assets across Denmark, with the largest component being Copenhagen office properties. For details on the bidding process and timeline, please refer to the process letter accompanying this Investment Memorandum. Please note that the deadline for indicative offers is 3 December 2024 ,12.00 hrs (CET). The purpose of the Investment Memorandum is to set out the details of the Property, assisting interested parties in making their own assessment of the Transaction and the redevelopment opportunity. Interested parties will be offered the opportunity to conduct viewings of the Property with a Colliers representative by prior appointment.

DUE TO ITS LOCATION in the very heart of Copenhagen in proximity of the city’s main transport hub, the Property is believed to represent a highly favourable redevelop ment opportunity, with hotel conversion being an obvious option in light of the Property’s building design. In addition, the Property is sold in vacant possession, i.e. free of tenants (antenna space excepted). Please refer to pp. 22-27 for indicative floor plans, citing area specifications and floor-to

ceiling building heights. The Property is comprised by local plan no. 259, City of Copenhagen, (title: ”Lille Istedgade karreerne”). According to the local plan, the area is designated for residential and commercial uses, including hotels, with the Property earmarked for commercial uses only. HOTEL CONVERSION

Landmark CBD property

Designed by architect Frederik Bojesen and featuring a prominent 10-storey front building, the Property is a three winged complex with a total GLA of 7,500 sq m and a 1,270 sq m parking basement holding 25 cars. Due to its building design and CBD location, the Property is believed to be ideally suited for hotel conversion.

Located in the very heart of Copenhagen, the Property benefits from close proximity to the city’s main public transport hub, Copenhagen Central Station, offering regional and local train or metro services along with multiple bus services. From Copenhagen Central Station, there is a direct rail link to Copenhagen Airport with a travel time of approx. 15 minutes. Great connectivity

INVESTMENT HIGHLIGHTS

Top-tier hotel location The Property is situated in the vibrant district of Vesterbro with its highly acclaimed restaurant and bar scene, including the Old Meatpacking District. Some of Copenhagen’s most popular attractions are located within walking distance of the Property, including amusement park Tivoli Gardens.

Copenhagen hotel market remains strong

Financially strong underlying hotel operations have put the Copenhagen hotel market on the wish list of hotel operators and investors alike. For instance, RevPAR and occupancy rates have bounced back to pre-COVID-19 levels as tourists are once again flocking to the city.

COPENHAGEN HOTEL MARKET

Room rates are historically high, and occupancy rates continue to improve in the city Copenhagen hotels continue to increase revenues

Key figures for 3-star hotels, Copenhagen

Key figures for 4- or 5-star hotels, Copenhagen

1 , 400

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

1 , 000

- 100 200 300 400 500 600 700 800 900

1 , 200

1 , 000

800

600

400

200

15 16 17 18 19 20 21 22 23 24 RevPAR ADR Occupancy rate

Note: RevPAR = Revenue Per AvailableRoom, DKK (l.a.), ADR = Average DailyRate, DKK (r.a.), Occupancy rate, % (r.a.). Includes data from January through August each year. Source: Benchmarking Alliance, Colliers

3, 4 or 5 stars : Hotels in Copenhagen categorised according to the star categories defined by HORESTA, VisitDenmark, Hotelstars Union and industry representatives, with 3 stars typically denoting regular hotels and 4 or 5 stars denoting upscale hotels, see https://hotelstars.dk/da/om-stjernerne/

Overnight stays hit record high for third year in a row

In 2024, Copenhagen hotels are experiencing a record-high number of overnight stays for the third year in a row, with foreign tourists once again flocking to the capital

Monthly number of overnight stays (‘000)

Overnight stays by origins of hotel guests

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

1 , 200

1 , 000

800

600

400

200

15 16 17 18 19 20 21 22 23 24* Domestic guests Foreign guests

Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec 22 23 24

Note: Data for Copenhagen hotels, i.e. in this context the municipalities of Copenhagen, Frederiksberg, Dragør and Tårnby. 2024 data include data for January through June. Source: StatisticsDenmark, Colliers

Prospects of high occupancy and rooms rates in the years ahead

• The pipeline of new Copenhagen hotel rooms scheduled for completion over the next four years represents more than a 50% drop in new additions relative to the completions recorded in the city between July 2020 and July 2024.

• Moreover, most of the development projects in the pipeline are still in the planning phase.

• Against the backdrop of record-high overnight stays three years in a row and a weak pipeline, we believe that Copenhagen occupancy rates and room rates will increase in the coming years.

New hotel rooms in Copenhagen

1 , 000 1 , 500 2 , 000 2 , 500

1 , 000 1 , 200

2020-2024 6,192

- 200 400 600 800

- 500

2025E-2029E 3,080

10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 New hotel rooms (l.a.) RevPAR (r.a.)

Note: The change in number of available hotel rooms from Julyto July. Data for Copenhagen hotels, i.e. in this context the municipalities of Copenhagen, Frederiksberg, Dragør and Tårnby. Some data regarding the projected hotel rooms have been obtained from Byggefakta. The presented pipeline figures should be treated with caution. The information presents a snapshot of the current status, which may change rapidly and consequently, the pipeline becomes more uncertain when analysing projects with completion dates in the far future. The projected RevPAR from 2025 to 2029 is estimated by Colliers and based on a composition of the compounded annual growth rate (CAGR) from 2010 to 2024 in occupancy rates and average daily rates (ADR). Source: Benchmarking Alliance, Byggefakta, Colliers

Bright outlook for Copenhagen hotel demand

A member survey by the Danish hospitality industry’s association HORESTA in October 2023 showed that most hotels predict solid operating performance in 2024 with revenue growth and improved bottom lines relative to 2023.

A survey by DI Tourism, Culture & Experiences (under the auspices of Danish Industry) projects average annual growth of 1.6% in domestic overnight stays and 3.0% in foreign overnight stays by 2030 across Denmark. Sweden has historically accounted for the third most overnight stays in Copenhagen, but the number of Swedish guests has been declining. VisitDanmark has launched a new marketing campaign with the purpose of luring back the Swedish guests within the next 3 years. The global desire to travel has been restored, with US tourists still heading the field in terms of overnight stays in Copenhagen. Chinese, Japanese and Indian tourists are finally returning to the city. Favourable prospects of renewed growth in Danish consumer spending, including households’ travel budgets, as consumer confidence is rebounding.

LOCATION

Top-tier location in central Copenhagen

THE PROPERTY ENJOYS AN EXCELLENT LOCATION in the heart of Copenhagen and at the very centre of the trendy Vesterbro district, on the square of Halmtorvet, just opposite the extensive Old Meatpacking District (Kødbyen), which has become a true hotspot in the city with a broad offering of restaurants, bars and cafés, etc. as well as the 5,500 sq m Øksnehallen exhibition centre, a prominent former market hall. Some of Copenhagen’s most popular attractions are located within walking distance of the Property, including amusement park Tivoli Gardens, Tivoli Food Hall, the Planetarium, the city’s premier pedestrian high street ‘Strøget’ as well as Copenhagen City Hall at Rådhus-pladsen. Vesterbro is a coveted shopping destination with the nearby streets of Vesterbrogade and Istedgade offering an array of trendy shops, cafés, bars and eateries, especially on the stretch closest to the city centre. In addition, the Property lies close to sports centre DGI-Byen as well as recreational areas by the popular Copenhagen Lakes, one of the city’s most favoured places for a stroll or a run.

A 6-minute walk from the Property lies a metro station, providing a swift link to most Copenhagen districts via the M3 circle line. Right next to the metro station lies Copenhagen Central Station, offering S train, regional and international rail links. From Copenhagen Central Station there is a direct link to Copenhagen Airport, making it easy for tourists to reach the Property. All in all, the location is believed to be second-to-none for hotel purposes.

CENTRAL COPENHAGEN is a tourist hotspot offering a broadselectionof attractions and sights. In recent years, the city has attracted substantial worldwide acclaim, for instance on the architectural scene, as UNESCO has named the city World Capital of Architecture 2023 2025. The same applies to the global gastronomical scene as the city can muster all of 14 Michelin-starred restaurants.

ROUND TOWER 1.9 km / 7 min. by bike

KONGENS NYTORV 2.2 km / 10 min. by bike

ØRSTEDPARKEN (park) 1.5 km / 8 min. by bike

CHRISTIANSBORG 1.8 km / 7 min. by bike

COPENHAGEN LAKES 700 m / 9 min.-walk

TIVOLI GARDENS 600 m / 8 min.-walk

COPENHAGEN CENTRAL STATION (train and bus) 550 m / 7 min.-walk

PLANETARIUM 600 m / 8 min.-walk

COPENHAGEN CENTRAL STATION (metro) 400 m / 6 min.-walk

Halmtorvet 20-22 (The Property)

DGI-BYEN (sports) 400 m / 5 min.-walk

ØKSNEHALLEN 300 m / 4 min.-walk

OLD MEAT PACKING DISTRICT 50 m / 1 min.-walk

ENGHAVE PLADS (metro) 1 km / 12 min.-walk

Motorway access, E20

Copenhagen city centre Rådhuspladsen

Copenhagen Airport

1 km / 12 min.-walk

14 km / 18 min.-drive

5.5 km / 9 min.-drive

THE PROPERTY

Title no. 169 Udenbys Vester Kvarter, København HALMTORVET 20-22, ETC. 1700 Copenhagen V

Construction year 1961 Site area, sq m 1,274 Total GLA, sq m 7,500 No. of floors 10 / 6 / 5

Basement, area sq m / parking spaces 1,270 / 25 (underground)

EPC rating G

The Property

Landmark CBD property with basement parking

THE PROPERTY WAS ORIGINALLY CONSTRUCTED in 1961 according to a design by architect Frederik Bojesen to serve as head office of property company Borgenhus. Accordingly, the Property was named Borgenhus. The Property is a prominent three-winged building complex facing the square of Halmtorvet and the streets of Viktoriagade and Lille Istedgade. Towards Halmtorvet, the front building of the Property comprises nine floors above ground, towards Viktoriagade/Lille Istedgade the Property has four or five floors above ground. Due mainly to its architectural merit and original features, including the façade’s ribbon windows and grey marble/turquoise serpentine cladding, the front building of the Property has been labelled moderately preservation-worthy (overall rating of five).

The Property is a column and beam construction with outer walls of concrete and felted roofing. The Property was comprehensively reconstructed in 1967, and in 2013/2014, the glass in every window was replaced on all floors. The Property is serviced by three passenger lifts and two goods lifts. For almost thirty years and up until 1 April this year, the Property served as Copenhagen’s central police station, “Station City”, accommodating some 500 police staff. The police are relocating to an existing larger facility at Toftegårds Plads. Internally, the Property features fine design and material specifications, with the reception area’s marble flooring echoing the building’s exterior and the extensive use of wood, including wooden wall panels, creating a warm ambience. The Property benefits from

ample daylight inflow due to its ribbon windows, with round skylights accentuating the Property’s grand staircase. On the ground floor, holding cells, etc. bear witness to the Property’s long history as a police station. Most upper floors are laid out for mainly office use featuring a mix of open-plan and cell offices. On the top floor, the Property is laid out with a staff dining room and meeting rooms. The dining room opens onto one of multiple rooftop terraces, commanding spectacular views of the Copenhagen cityscape. Below the Property, there is a parking garage. Access to the parking garage is via Lille Istedgade. Basement areas have a fully automated sprinkler system.

HALMTORVET 20-22 1700 Copenhagen V LILLE ISTEDGADE 6 1706 Copenhagen V VIKTORIAGADE 23 1655 Copenhagen V

Technical and environmental details

Environmental considerations On 8 October 2024, Rambøll carried out an environmental screening of the Property to assess whether plans to redevelop the Property would be required to factor in any environmental considerations.

The resulting Rambøll screening report identifies findings of two hazardous materials in the construction:

1. Asbestos was detected in the windbreaker panel behind the font building’s turquoise facade panels. As the facade was mounted via the windbreaker panel, special precautions are believed to be called for if and when removing facade panels. 2. PCB was detected in the wall paint in multiple stairwells as well as on the building front facing the inner courtyard. Special precautions are called for if and when removing the paint. State of technical installations Rambøll has carried out a high-level assessment of the Property’s technical installations. The report concludes that a full replacement is to take place of all piping (both drinking water and heating), ventilation and cooling (both plant and ducts), CTS and ABA.

The heating plant itself is district heating and does not require replacement. There is also an option to connect the Property to district cooling.

Tenancies

Hi3G Networks Denmark ApS

TT-Netværket P/S

The Property is currently free of tenants, except from two antenna tenants. Both antennas are located on the roof and combined generate a total annual rental income of approx. DKK 230,960 as of 1 October 2024.

Lease commencement

1 November 2007.

1 August 1996.

An agreed tenant non-terminability period expires on 1 January 2025. Following this date, the tenant may terminate the lease at 15 months' notice effective at the end of a month, i.e. the earliest termination date is 30 April 2026.

Lease termination and notice of termination

The tenant’s termination notice is 12 months.

Actual annual rent (as of October 2024)

DKK 119,702.85.

DKK 111,257.30.

Annual increase in step with NPI albeit with a maximum uplift of 2.50%. Calculation month is October and regulation month is January.

Uplift of 3.00% annually. Regulation month is January.

Rent adjustment

Rent payments are due quarterly in advance.

Payment terms

Security deposit

Cash deposit amounts to DKK 29,925.69.

Cash deposit amounts to DKK 6,250.

Tenant restoration obligation

Yes.

The tenant is under the obligation to maintain the antenna equipment, whereas the landlord is responsible for building envelope maintenance.

Maintenance

Note: Based on lease agreements, includingaddenda.

FLOOR PLANS

Ground floor

Basement -1

22.70

5.05

26.63

5.77

21.49

14.23

32.75

6.47

24.93

Viktoriagade

Lille Istedgade

Viktoriagade

Lille Istedgade

10.47

13.96

28.14

43.49

43.80

Halmtorvet

GLA: 1,270 sq m

GLA: 922 sq m (1) Floor-to-ceilingheight: 3.37 metres. (2) Floor-to-ceilingheight: 3.44 metres / 3.04 metres belowceilingjoist.

Note: Existing floor plans, for guidance only. Not to scale. Source: Design Group, 2017 and Landinspektørkontoret af 1884 A/S, 2024 (measurements)

Second floor

First floor

14.51

14.69

14.51

14.69

17.11

27.59

57.59

16.25

14.77

Viktoriagade

Lille Istedgade

21.97

Viktoriagade

Lille Istedgade

26.45

44.06

Halmtorvet

GLA: 918 sq m (1) Floor-to-ceilingheight: 2.92 metres / 2.61 metres belowceilingjoist. (2) Floor-to-ceilingheight: 2.92 metres / 2.58 metres belowceilingjoist. (3) Floor-to-ceilingheight: 2.94 metres.

GLA: 918 sq m (1) Floor-to-ceilingheight: 2.92 metres / 2.61 metres belowceilingjoist. (2) Floor-to-ceilingheight: 2.91 metres.

Note: Existing floor plans, for guidance only. Not to scale. Source: Design Group, 2017 and Landinspektørkontoret af 1884 A/S, 2024 (measurements)

Fourth floor

Third floor

14.51

14.69

10.74

9.17

17.11

17.09

27.59

16.25

17.47

14.77

Viktoriagade

Lille Istedgade

21.97

26.45

44.06

41.52

Halmtorvet

GLA: 918 sq m (1) Floor-to-ceilingheight: 2.90 metres / 2.76 metres belowceilingjoist. (2) Floor-to-ceilingheight: 2.93 metres / 2.59 metres belowceilingjoist. (3) Floor-to-ceilingheight: 2.95 metres. Halmtorvet

GLA: 750 sq m (1) Floor-to-ceilingheight: 2.91 metres / 2.76 metres belowceilingjoist.

Note: Existing floor plans, for guidance only. Not to scale. Source: Design Group, 2017 and Landinspektørkontoret af 1884 A/S, 2024 (measurements)

Sixth floor

Fifth floor

8.46

27.59

17.09

28.11

Lille Istedgade

Viktoriagade

Lille Istedgade

10.41

10.42

41.52

Halmtorvet

41.52

Halmtorvet

GLA: 540 sq m (1) Floor-to-ceilingheight: 2.93 metres. (2) Floor-to-ceilingheight: 2.97 metres / 2.62 metres belowceilingjoist

GLA: 417 sq m (1) Floor-to-ceilingheight: 2.93 metres.

Note: Existing floor plans, for guidance only. Not to scale. Source: Design Group, 2017 and Landinspektørkontoret af 1884 A/S, 2024 (measurements)

Eigth floor

Seventh floor

Viktoriagade

Lille Istedgade

10.41

41.52

GLA: 417 sq m (1) Floor-to-ceilingheight: 2.91 metres / 2.76 metres belowceilingjoist.

GLA: 430 sq m (2) (1) Floor-to-ceilingheight: 2.52 metres below ceilingjoist. (2) Including81 sq m technical area located on the roof.

Note: Existing floor plans, for guidance only. Not to scale. Source: Design Group, 2017 and Landinspektørkontoret af 1884 A/S, 2024 (measurements)

CONTACTS

Peter Winther Executive Director, Partner Head of Capital Markets +45 28 19 66 76 peter.winther@colliers.com

Kristian Axel Stokholm Senior Director Capital Markets +45 31 44 14 42 kristianaxel.nielsen@colliers.com

Gregers Rasmussen Head of Research Valuation & Advisory +45 22 14 11 32 gregers.nytoft@colliers.com

Thora Nielsen Senior Project Coordinator Capital Markets +45 40 43 75 79 thora.nielsen@colliers.com

Benjamin Karstoft Senior Associate Capital Markets +45 29 62 64 67 benjamin.karstoft@colliers.com

Christoffer Mortensen Senior Associate Valuation & Advisory +45 21 32 32 75 christoffer.mortensen@colliers.com

Nana Keiding Graphic Designer Marketing +45 22 21 75 12 nana.keiding@colliers.com

Support

Transaction

Disclaimer

The issue of the Material does not constitute investment advice by Colliers or establish a business relationship between Colliers and the Recipients. The issue does not include an offer or acceptance of any agreement. An offer for the Property will only constitute a contractual obligation if set forth and accepted in a final transfer agreement signed by the Seller. By retaining and using the Material, the Recipients acknowledge that the terms and conditions under which the Material is provided are governed by Danish law and accept the contents of this disclaimer. All communications, enquiries and requests for information relating to this Material or the Transaction are to be addressed to Colliers.

Colliers has been authorised by the Seller to issue this confidential sales material (‘the Material’) on the Property. The Material is intended for professional investors only, who are considered able to assess the risks associated with a transaction such as the Transaction. The Material is not approved for use by individuals or entities that are not the intended recipients, and unauthorised use may cause substantial damage to the Seller, Colliers or third parties, including parties that have expressed an interest in the Transaction. Unauthorised recipients of the Material are required to maintain confidentiality and are further requested to notify Colliers immediately and return or delete/destroy the Material inadvertently received. The information contained in the Material has been compiled to assist interested parties in making their own evaluation of the Transaction, but the Material does not purport to contain all the information that a prospective buyer may require. Interested parties are encouraged to conduct their own investigations and analyses of the data set forth in the Material. The contents of the Material have not been verified by the Seller, Colliers or any third party. No representation, warranty or undertaking – express or implied – is made or given by or on behalf of the Seller, Colliers or any third party in relation to the accuracy, completeness or fairness of the information contained in the Material or information made available in connection with any further investigations of the Transaction, including any estimates or projections. Neither the Seller nor Colliers may be held liable for any misrepresentations contained in or omitted from this Material. The contents of the Material will not be updated. The Seller and Colliers are under no obligation to correct any inaccuracies identified in the Material. Minor inconsistencies may occur in data tables due to rounding. Colliers is not accountable to any other parties than the Seller for maintaining client confidentiality and providing advice in relation to the Transaction, the contents of the Material or any other transactions or arrangements referred to or contemplated in the process.

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