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Nykredit Facing DKK 275 Million Loss
27-07-2010
12:43
Danish insurance and pension provider Nykredit is facing a DKK 275 million loss on the sale of a Copenhagen shopping center, state broadcaster DR is reporting.
The sale of the outer Frederiksberg complex, which is at the base of the 102 meter-high apartment block Domus Vista, took place at a forced auction in June after its owner, businessman Steen Patrick de Vela, was declared bankrupt. Early in the month, an initial auction could only attract a bid of DKK 90 million. A second auction later in the month did not attract any higher offers.
According to DR News, Nykredit has loans secured on the property totaling DKK 275 million. As two other financial institutions, FIH Kapital and Erhvervsbank, are first in the queue to recoup combined investments totaling DKK 128 million, Nykredit is not expected to receive any financial benefit from the sale.
When approached by DR, Nykredit had no comment on the case
The sale of the outer Frederiksberg complex, which is at the base of the 102 meter-high apartment block Domus Vista, took place at a forced auction in June after its owner, businessman Steen Patrick de Vela, was declared bankrupt. Early in the month, an initial auction could only attract a bid of DKK 90 million. A second auction later in the month did not attract any higher offers.
According to DR News, Nykredit has loans secured on the property totaling DKK 275 million. As two other financial institutions, FIH Kapital and Erhvervsbank, are first in the queue to recoup combined investments totaling DKK 128 million, Nykredit is not expected to receive any financial benefit from the sale.
When approached by DR, Nykredit had no comment on the case
*****||*****Nykredit Facing DKK 275 Million Loss*****||*****Danish insurance and pension provider Nykredit is facing a DKK 275 million loss on the sale of a Copenhagen shopping center, state broadcaster DR is reporting.*****||*****
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