DreistStorgaard Advokater has assisted the Viking group with the preparation of the set of agreements regarding a number of investors’ investment in a real estate project with 20 luxury villa apartments in the coastal town of Rovinj in Croatia.
The project is the Viking Group’s 20th project in Croatia since 2010, and the Danish property developer now has a portfolio that includes property projects in a number of cities, including Zagreb, Umag, Rovinj, Opatija and Rijeka. In total, the Viking group has initiated real estate projects with more than 1,000 apartments and villas in Croatia for an investment amount of almost EUR 100 million, of which EUR 30 million. in equity has been raised by more than 30, primarily Danish, investors.
The Viking Group has put together a team with extensive international and local experience, consisting of Danish and Croatian forces, who on most projects budget and deliver an IRR over a 3-4 year period of 18-20% while also being able to offer investors a hurdle rate of 8%.
Viking Group’s CEO, Jeppe Vestergaard Frandsen, says:
“After 12 years in Croatia, we have established a good market position and good relations with the central players, including in relation to sourcing new projects, banks, local authorities, construction companies, estate agents, architects, etc. When you see this in combination with a market which is a member of the EU, which has growth well above the level in the EU, which is underdeveloped in the cities and where urbanization is far below average – and which in 2023 will be part of both the eurozone and Schengen cooperation – then we want to continue to grow our commitment in Croatia”.
DreistStorgaard’s team on the case was partner Nikolaj Juhl Hansen and Casper Simonsen, who have now advised the Viking group in connection with the investments in +15 projects. Jeppe Vestergaard Frandsen says about DreistStorgaard:
“I have now worked with Nikolaj and his team for 5 years, and it is good to have a “safe hand on the wheel” in relation to getting our investors anchored in a clear financing agreement. They have been a really good help in terms of creating security for our investors”.
Advice at DreistStorgaard
At DreistStorgaard, we advise on real estate projects both at home and abroad. We have a strong team that specializes in real estate, and can therefore advise on all aspects of a property investment or trade.
