2016 was an exciting year for Fornax Capital and its partners, one in which we made significant progress at the Lake Park site in Kirkebjerg.

• Holscher Nordberg has completed plans and architectural drawings for the first 736 homes to be built, which have subsequently been submitted to the Brondby municipal authority. As we have complied with all requirements previously determined by the local authority, approval is a simple formality.

• Building Permits have been applied for and will be issued imminently.

• Since we commenced activity, Kirkebjerg has seen significant investment in surrounding land by other leading financial institutions, including Aberdeen Asset Management and Nordea Bank (one of the largest financial institutions in the Nordic region).

• There is a great deal of competition for tracts of land in the Kirkebjerg region and this has contributed to us seeing an increase in the value of our land assets, estimated at between 70% and 100%, based on current pricing. An official valuation will be carried out on the 1st May, which we expect to support this assumption.

• We are extremely satisfied with last years progress and 2017 will see us exercise further land options and increase our portfolio of projects both in Kirkebjerg and other sites in Copenhagen.

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