Work Begins on Copenhagen Markets in 2010

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January 9, 2009

Work on what aims to be Northern Europe’s largest, most modern and most efficient wholesale market for food, flowers and florist supplies is expected to start in spring 2010. Copenhagen Markets will replace Grønttorvet, the existing wholesale market in Valby. In June Copenhagen Markets named a consortium headed by Pihl & Søn as the winner of the competition to design and build a new wholesale market of around 90,000 m² for food, flowers and florist supplies in Høje Taastrup. After a detailed optimisation process and a close dialogue with Copenhagen Markets, including the many businesses that have already taken out a lease, the Board of Directors of Copenhagen Markets signed a turnkey contract with Pihl & Søn on 18 December 2008. "Since choosing Pihl & Søn as the winner of the project competition, we’ve been going over the project concept in the light of the wishes and requirements expressed by the future tenants at Copenhagen Markets. We’re convinced that the hexagonal halls of the winning project will combine efficient and state-of-the-art logistics with an attractive trading environment in a unique way," says Torben Flinch, CEO Copenhagen Markets, on the background to the turnkey contract. Start of work awaiting local plan for Grønttorvet site The planning for Copenhagen Markets will be completed by September 2009, after which excavation and building permits will be applied for. Before work can start on the building at Høje Taastrup, the City of Copenhagen has to approve the final local plan for the Grønttorvet site so that the contract of sale with CVM Development for Grønttorvet, including the exact price, can be finalised. This will secure an important part of the financing for the project. On this basis Copenhagen Markets expect work to start in the spring of 2010, the plan being that the building will be ready for use in 2012. Budget target: DKK 578 million ~ € 78 million The total budget for the construction of Copenhagen Markets is DKK 636 million ~ € 85 million, excluding VAT. However, the two parties aim to implement the building for DKK 578 million ~ € 78 million, with a contingency fund being earmarked by way of a budget safeguard to cover unforeseen costs, extraordinary price increases for raw materials and energy, and any changes in official requirements. The parties have signed what is known as an incentive agreement, which means that the building consortium will also benefit financially from cost savings. Pihl & Søn’s partners in the consortium are Creo Arkitekter, consulting engineers Moe & Brødsgaard and landscape architects Schønherr Landskab. For further information please contact: Torben Flinch, CEO, Copenhagen Markets, mobile +45 2423 8102 Rolf Christian Nielsen, Project Manager, Pihl & Søn, tel. +45 4527 7319 Photo: The mangement teams from Copenhagen Markets and Pihl & Søn at the turnkey contract signing ceremony 18 december 2008. From left: Bo Svendsen and Rolf Christian Nielsen, Pihl & Søn and klaas Venborg and Torben Flinch, Copenhagen Markets.