ActivumSG Assembles Denmark’s Largest Integrated Construction and Development Platform in CASA-KPC Merger

14th June 2022

  • CASA-KPC combined generated a market-leading 11.5% earnings before interest and taxes (EBIT) margin on €700 million of revenue in 2021
  • The platform’s strong order book and pipeline reflect the compelling fundamentals of Denmark’s multi-family housing market, in line with ActivumSG’s pan-European residential strategies

(Jersey) 14th June, 2022 – ActivumSG Capital Management, the opportunistic real estate fund manager, has completed its acquisition of KPC Holding on behalf of ActivumSG Fund VI and will combine the company with its peer CASA to form Denmark’s largest residential-focused construction contractor and developer.

Fund VI and co-investors acquired KPC from the family of Founder Kurt Poulsen and its CEO, Bo Knudsen. They will retain a minority interest in the entity formed from the merger of KPC with CASA, the real estate developer and turnkey contractor owned by the Fund since last year. The terms of the acquisition are not being disclosed.

The Danish Competition and Consumer Authority has cleared the merger which establishes a platform that in 2021 generated revenue of 5.3 billion kroner (€700 million) and EBIT in excess of 600 million kroner, on a pro forma basis. CASA’s CEO Torben Modvig will head the companies post-merger, leading almost 500 employees at offices in Aarhus, Copenhagen, Herning and Horsens. Bo Knudsen will serve as a senior adviser.

Saul Goldstein, Founder and CEO of ActivumSG, said: “We’ve assembled a platform with the financial health, scale and expertise to access the best opportunities arising from Denmark’s attractive rental housing market. There are excellent medium- to long-term prospects in CASA-KPC’s target markets for those who can deliver mid-priced rental housing through development or refurbishment. It’s a strong theme in our pan-European residential strategies of our most recent funds, which also include a separate investment in the Dutch residential developer VanWonen.”

Elevated property prices and rising mortgage rates are lifting demand for rental accommodation in Denmark, which is experiencing low unemployment and wage growth. In addition, increased urbanization, declining household sizes and greater flexibility required by tenants are underpinning longer-term demand, particularly in larger cities. Denmark’s stock of rental housing has not kept pace, however, creating an environment which supports rents and makes rental housing investment attractive to international institutions.

Stefan Mohr, Head of European Corporate Transactions at ActivumSG, said: “The platform has an outstanding management team in place to oversee the integration of these two businesses, which excel operationally and have entrepreneurial flair. As a market-leading platform CASA-KPC is perfectly positioned to win the bigger and longer-term urban development projects, drive sustainability in new projects, diversify its activities and build better relationships with clients and suppliers.”

ActivumSG has a flexible mandate for deploying its funds’ capital. Corporate acquisitions and direct investments are among the ways it accesses compelling themes in its investment strategies. The latest funds’ strategies include residential, senior housing and hospitality assets across Europe.


About ActivumSG

ActivumSG Capital Management Ltd. is a Jersey-based private equity investment manager which focuses on opportunities in European real estate that deliver attractive risk-adjusted returns for investors. It has raised seven closed-end funds and several co-investment vehicles to date. For the past 15 years its multi-disciplinary teams have looked across the capital structure to identify the optimal entry point to access compelling real estate themes before they become in vogue. Operating from five offices across Europe, ActivumSG’s experienced local teams source opportunities across a wide range of sectors, unlocking real and lasting value through in-house asset management which they crystallize for investors through the most suitable exit. ActivumSG is regulated by the Jersey Financial Services Commission.

For more information, visit the website at


Media contacts for ActivumSG:
Montfort Communications
Tom Roberts
Aaron Bass

Tel: +44 (0)20 3514 0897