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Masterminds behind Hans Christian Andersen tower disapprove of skeptical investors

PFA and Industriens Pension have expressed their skepticism towards the idea of a 280-meter-tall tower for residences and amusement facilities in the Copenhagen North Harbor. The people behind the idea have taken exception to this.

The masterminds behind the plans of a 280-meter-tall Hans Christian Andersen Adventure Tower in the Copenhagen North Harbor, estimated to cost approximately DKK 6.5 billion, are lashing out at the two large institutional investors, PFA and Industriens Pension, after the two hesitated to endorse the plan.

Executive Director of PFA Ejendomme, Michael Bruhn, said on Monday to FW Asset Management's sister site, EjendomsWatch, that he was not going to dismiss idea from the outset, but he emphasized that the project contains some major elements of uncertainty. Additionally, the creators do not have a long track record.

One of the two creators, Kurt Immanuel Pedersen, stated to EjendomsWatch that he is astonished that Michael Bruhn would make such a statement: "The business case was developed with detailed input from the partner companies, which include Deloitte, Züblin, Rambøll, Big, SLA, Forrec, and ECA, where the latter two are the leading experts worldwide in the field of counseling regarding the establishment and optimization of amusement parks. We have a continuous collaboration with Deloitte, which has some of the strongest capacities in the financial field," says Immanuel Pedersen, who holds the title of Chief Executive Officer of H. C. Andersen Adventure Tower ApS, to EjendomsWatch.

Even though no investors have given an official pledge to support the project yet, Deloitte feels certain that it is only a question of time: 

"H. C. Andersen Adventure Tower is a visionary and ambitious project, founded on a unique business model. The project is interesting from a financial as well as a socio-economic perspective. It has a size and profile that makes it interesting to both Danish and international investors, and when the project is set into motion, it will contribute considerably to the continued development and growth of the Oresund Region," says Thomas Bertelsen, CEO of Deloitte, to EjendomsWatch.

The best location imaginable

Kurt Immanuel Pedersen voices his confusion as to why Michael Bruhn would make the statement he did, including a comment that the project "has been around", previously to be built on the Refshale Island in central Copenhagen.

"It is unclear to me what purpose it might serve to comment on our past considerations to place the tower on the Refshale Island. We opted out of this idea due to the relatively limited space on the island compared to the size of the project, the location in Central Copenhagen with reference to our ambitions of building a very tall tower, and the lack of infrastructure around the Refshale Island," says Immanuel Pedersen, calling the Northern Harbor location "the best location imaginable".

At property manager KAB, there is pride to be felt over being a part of the project, which will also involve social housing. "But before the project can be brought to life, we need interested investors," KAB writes.

English Edit: Marie Honoré

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