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HomeM&A Real Estate Quarterly Newsletter | Q2 2025

M&A Real Estate Quarterly Newsletter

4 July 2025

News

We highlight the following news on the Danish M&A Real Estate market:

New guidance note: the Tax Agency clarifies the 15% rule

On 8 May 2025, the Danish Tax Agency released a guidance note detailing the “special circumstances” under which the 15% and 20% valuation rules may be set aside for property transfers between family members and in inheritance situations. This guidance note provides crucial insights for families navigating real estate transfers, ensuring compliance and optimal tax positioning.


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New legislation on generational succession in property companies

On 8 April 2025, the Danish Parliament enacted new and long-awaited legislation on generational succession in family-owned property companies. The new legislation introduces three tax relief measures, bringing the tax framework for family-owned property companies in line with that of other family-owned businesses.


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Be careful of the pitfalls involved in buying a leasehold property

Leasehold property transactions may involve hidden complexities, including ambiguous ownership and incomplete building records. Conducting thorough due diligence on land use rights at an early stage can help mitigate potential legal and financial liabilities.


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Determine whether local planning obligations apply to your project

Recent practice from the Danish Town and Country Planning Board of Appeal sheds new light on the scope and application of local planning obligations – highlighting the specific circumstances under which they are triggered and how they may impact future development projects.


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Deals

The Danish real estate market saw the following significant deals:

Gorrissen Federspiel assists MT Højgaard Danmark A/S

Gorrissen Federspiel has assisted MT Højgaard Danmark A/S with the sale of an office development project in Nordhavn.


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Gorrissen Federspiel assists Slättö

Gorrissen Federspiel has assisted the Swedish investor, Slättö, with their first project in Denmark.


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Gorrissen Federspiel assists VGP

Gorrissen Federspiel has assisted VGP – one of Europe’s largest developers of transport and logistics properties – with its largest project in Denmark to date.


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Gorrissen Federspiel assists Bellakvarter P/S

Gorrissen Federspiel has assisted our long-standing client, Bellakvarter P/S, in connection with the divestment of the Marthahus property located in the Bellakvarter area to AkademikerPension.


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Gorrissen Federspiel has assisted our long-standing client, Bellakvarter P/S, in connection with the divestment of the Marthahus property located in the Bellakvarter area to AkademikerPension.


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Gorrissen Federspiel has assisted our long-standing client, Bellakvarter P/S, in connection with the divestment of the Lindgrens Hus property located in the Bellakvarter area to Lærernes Pension.


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Gorrissen Federspiel assists NREP

Gorrissen Federspiel has assisted NREP with the acquisition of a prime site in Greater Copenhagen from the Swedish company Castellum, strengthening NREP’s position in Denmark’s logistics sector.


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Gorrissen Federspiel assists Greystar Real Estate Partners

Gorrissen Federspiel has advised international real estate developer and investment manager Greystar Real Estate Partners with its acquisition of four youth residential properties in Copenhagen comprising a total of 1,758 youth housing units and 5 commercial units with a total combined area of app. 60,000 sqm.


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Gorrissen Federspiel assists Heimstaden Bostad

Gorrissen Federspiel has assisted Heimstaden Bostad in the sale of the residential property Akeleje Hus, comprising approximately 7,500 sqm in Valby, to Greater Copenhagen Residential ApS.


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Gorrissen Federspiel assists Barings

Gorrissen Federspiel has assisted Barings in entering into a joint venture agreement with Catella and in acquiring a residential project.


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Trends

We see the following trends:

International investors return: Transaction activity surges

New market research from Colliers shows that in early 2025, the Danish market for commercial and investment properties remained stable despite geopolitical instability and challenges, with transaction volumes reaching DKK 27 billion from January to May – a 78% increase com-pared to the same period in 2024. This growth is mainly driven by international investors, whose activity during the January-May period rose sharply from DKK 4.8 billion in 2024 to nearly DKK 14 billion in 2025, now accounting for over 50% of total investments.

International capital is heavily focused on Greater Copenhagen, accounting for 66% of transac-tions. This trend reflects a preference for large, liquid markets. Colliers’ market analysis high-lights this trend, with residential rental properties dominating half of the transaction volume. As property prices continue to rise, demand for “forward deals” – agreements to purchase properties before they are built – is expected to increase. Meanwhile, the hotel sector remains important but is considered an outlier in this trend.

Overall, Denmark’s strong economy and political stability make it a safe haven for investors, especially in the capital region’s robust housing market.

[Sources: De internationale investorer er tilbage – og transaktionsaktiviteten stiger voldsomt and Markedsdata — Erhvervsmæglernes Branchedata]