Aksen
Facts
In 2016, Solstra identified this value-add opportunity for Vestas’ headquarters in Aarhus. The former domicile consisted of two buildings each of app. 30,000 sqm, with significant vacancy as Vestas only utilised one of the buildings.
In 2017, Solstra teamed up with Sampension to acquire two buildings owned by Vestas Wind Systems – the world’s leading producer of wind turbines.
Solstra eyed an opportunity for an attractive value-add investment as the properties had significant vacancies while still having a strong anchor with Vestas headquarters. Accordingly, Solstra negotiated a triple-net lease contract with Vestas for one of the buildings. The vacant building was converted from a former Vestas domicile into a modern multi-use office building and let to five strong tenants.
In under two years, Solstra executed the investment case and completed and exit from the investment in 2018 with a sale to the Danish pension fund P+.
Before the acquisition of the two buildings, one of them was known as Vestas’ vacant domicile building and, among locals, referred to as the “death star” with several defects from the construction that was still unremedied due to bankruptcy of the general contractor.
Several potential tenants had difficulties identifying themselves in the building because of the distinctive Vestas domicile interior and decor. Therefore, Solstra immediately planned to remedy the deficiencies and focused on re-branding the building and distancing it from a Vestas domicile building, turning it into a modern multi-use office building called “AKSEN – House of Business”.
Some of the re-branding initiatives included a new identity of the building, establishing a new joint restaurant for the new tenants, creating a multi-user ADK system, and installing new signposting. Also, secondary meters were installed for each tenancy area to track each tenant’s utilities.
