A former sugar cookery in the center of Odense is the location for SEB Pension fund’s €44 million development project. The development started in 2013/14 and is expected to be completed in phases by 2022.
SEB Pension fund is the owner and developer of the old sugar mill and cookery, located directly next to one of the new light rail stations. By 2022 the sugar district in Odense will consist of 170-180 dwellings for a total project worth EUR 44 million.
The sugar cookery provided many jobs for the city’s citizens for almost a century (1873 -1970). The property is one of the most significant buildings within industrialization in Odense. It has been central to the city’s cultural life over the years. The Sugar Rows (“Sukkerrækkerne”) – which consists of 32 houses/dwellings – is the first project in the neighborhood, which was completed in the autumn 2017.
For SEB it is important to stay true to the soul, spirit and history of the building in order to create something that can continue creating value, just as the sugar cookery has done for a century: “Some of the things I love about real estate investments is to make old tired buildings become something of value for the future. I think that’s why people are hooked on real estate. Investments in properties where one can see something new being build up and come to life is much more fun than for example bonds or securities”, Solveig Rannje, Director SEB Ejendomme.
SEB was one of the first investors to see the possibilities of investing in Odense again. Since them, several of the competing pension funds and investment funds have come to Odense looking for both development areas and existing portfolios of potentials. Odense has become an attractive place for property investments; in 2017 the city’s transaction volume exceeded EUR 350 million.
“When SEB began the townhouses of The Sugar Rows, the plan was to ensure a short-term investment, but with Odense’s current growth and positive market development, our strategy has been transformed into a long-term strategy where the next phases of construction are listed for hire. We are now looking at the options for expanding the project area and continue the transformation of the entire area to an exciting new and vibrant neighborhood”, Solveig Rannje, Director SEB Ejendomme.
Jes Zinck Severinsen
+45 3091 3651