Annual report
2024
URBAN PARTNERS
Company reg. no.: 29168709
The Annual Report was presented and adopted at the
Annual General Meeting of the company on 12/6 2025
Janus Roijer Hillerup
Chairperson of the general meeting
Contents
Management Review
Urban Partners at a glance ..................................... 3
2024 in brief........................................................ 5
Letter from the CEOs ............................................... 6
Highlights 2024 ........................................................ 8
Financial highlights ................................................. 9
Our business ....................................................... 10
Our business ............................................................. 11
Financial model ....................................................... 12
Our performance ................................................ 13
Asset under management ...................................... 14
Financial review ....................................................... 15
Outlook for 2025 ..................................................... 16
Governance ......................................................... 17
Corporate governance ............................................. 18
Board of Directors ................................................... 19
Executive Leadership .............................................. 20
Sustainability
Value creation ..................................................... 23
Double Materiality Assessment ...................... 24
Climate Change .................................................. 24
Our approach and policies ..................................... 24
Targets....................................................................... 26
Actions ..................................................................... 26
Metrics ...................................................................... 27
Own Workforce .................................................. 30
Our approach and policies ...................................... 30
Targets....................................................................... 31
Actions ..................................................................... 31
Metrics ...................................................................... 32
Business Conduct .............................................. 34
Our approach and policies ...................................... 34
Actions ..................................................................... 35
Metrics ...................................................................... 36
Financial statements
Consolidated financial statements ........................ 38
Parent company financial statements .................. 79
Statements
Management’s statement ....................................... 99
Independent auditor's report ................................ 100
Independent limited assurance report
on selected Climate Change metrics ..................... 102
Urban Partners | Annual Report 20242
Management Review
Urban
Partners
at a glance
Oslo
Norway
Copenhagen
Denmark
Warsaw
Poland
Frankfurt
Germany
London
United Kingdom
Munich
Germany
Luxemburg
Luxemburg
Stockholm
Sweden
Helsinki
Finland
1
Portfolio average energy use (EUI) and average GHG emissions are below the CRREM pathway (EUI
and operational emissions) and the SBTi Building Sector Guideline pathway (embodied emissions),
Nrep (Fund NSF II to V and NIP).
8 160
Countries with
investments
bnDKK
AUM
+700
1.5°C
Multidisciplinary
professionals
Paris-aligned on energy,
embodied and operational
emissions
1
3 8
Investment
Strategies
Countries
with offices
Urban Partners is a leading
European private investment firm
with a 20-year track record of
delivering strong, risk-adjusted
returns. We leverage our global
insights and hyperlocal presence
to invest capital in assets,
companies, and technologies
across the urban built
environment.
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
Urban Partners | Annual Report 20243
Our investment portfolio is positioned for sustainable growth and strong
performance through changing market conditions. Our strategies are designed
to address unmet urban demands, underpinned by structural tailwinds. We
apply a long-term, user-centric approach and leverage our sustainability
expertise to maximize operating efficiency while derisking our investments.
Nrep
Real estate equity for
customer-centric and
sustainable real estate
Velo Capital
Debt financing to accelerate
decarbonization and resiliency
in real estate
2150
Venture capital to scale
sustainable and resilient
technologies
20 years of delivering
strong risk-adjusted returns
Read more about our investment strategies
At a glance 2024 in brief Our business Our Performance SustainabilityGovernance Financial Statements
Urban Partners | Annual Report 20244
Letter from the CEOs
LETTER FROM THE CEOS
Jens Stender
Co-CEO
Claus Mathisen
Co-CEO
Dear Valued Partners,
Twenty years ago, our company was established
with a unique vision of real estate not just as a
compelling asset class driven by long-term macro
trends, but also – and perhaps more importantly
– as a product that everyone uses in their daily
life. We did not see buildings only as something to
buy and sell, asset by asset – we saw the homes
where families lived, the offices where city dwellers
worked, and the warehouses on the outskirts of
thriving capitals that supported the ebb and flow of
modern life.
Over time, we began to also see the investment
opportunity of our generation. If the 20th century
was defined by industrialization, then this century
will be defined by urbanization. There are more
people – and more people living in cities – than ever
before. In fact, more than half of the world’s popu-
lation now lives in cities, and the urban population
is expected to more than double by 2050. These
trends are at the heart of what we have worked to
achieve as investors and managers: investing in the
infrastructure, housing, logistics facilities, and office
spaces that make cities impacted by these defining
trends more liveable.
By addressing the unmet demands we saw from the
tenant’s perspective, by taking a long view under-
pinned by strong structural supply-demand funda-
mentals in our core markets, by seeing sustainability
as a value creation lever that would help us maxi-
mize efficiency as an owner and operator – while
helping us deliver strong risk-adjusted returns to our
investors – we have and continue to build resilient
portfolios that over the last twenty years have
consistently outperformed through changing market
conditions.
Now, as we enter our 20th anniversary year,
we remain confident that our unique approach
continues to be a robust business model. We have
over DKK 160 billion (EUR 21.4 billion) in assets
under management across three investment strat-
egies: real estate equity, real estate credit, and
venture technology solutions. Over 75% of our real
estate portfolio is in residential and logistics, two
compelling sectors where our early first-mover
advantage has evolved into a market leading posi-
tion in Northern Europe, with 3 million square
meters of logistics space and 50,000 apartments
either in operation or under construction.
Investors have responded positively to our funda-
mental investment thesis and resulting value prop-
osition by continuing to strongly support us. Our
last value-add Real Estate fund was the largest
in Europe at DKK 27.2 billion (EUR 3.65 billion) of
equity commitments (of which DKK 21.6 billion (EUR
Urban Partners | Annual Report 20246
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
investments by reinforcing demand for localized and
resilient supply chains.
Real estate capital markets are gaining momentum
and transaction volumes are rising across Europe,
with a particularly strong rebound in the Nordics.
Similarly, real estate bond issuances in our core
markets have increased by a factor of 3.5 compared
to 2023, despite elevated coupon rates. This
renewed investor engagement—across both equity
and debt—is closely linked to stabilizing prime yields
and early signs of compression.
We also observe a broader shift in sentiment toward
Europe. Investors are showing renewed confidence
in the region’s long-term outlook. While many
Northern European investors previously looked
beyond Europe for opportunities, we now see a
growing refocus on domestic and intra-European
investments.
In times of uncertainty, there are always safe havens
and, especially in our core markets in the Nordics,
we see continued opportunity supported by histor-
ically strong structural fundamentals: high societal
trust, low government debt and strong institutions.
Liquidity is returning and, with re-pricing largely
behind us, we are bullish on Europe’s future and see
a clear path forward. The confluence of stabilizing
economic conditions and our strategic positioning
presents a unique moment to accelerate our growth
trajectory.
As we celebrate our 20th anniversary, we reaffirm
our belief in the enduring value of investing across
the urban built environment and how skilled, stra-
tegic investment and management has allowed us to
also make a beneficial impact on the communities
where we invest. At the same time, we embrace the
learnings and opportunities we have encountered
while growing our real estate business, allowing
us to offer compelling new products for our inves-
tors across new strategies and expanding our core
markets. We remain grateful for your continued
support and partnership as we look forward to
2025.
Sincerely,
Jens Stender
Co-CEO
Claus Mathisen
Co-CEO
LETTER FROM THE CEOS
2.9billion) was committed to investments by year’s
end in 2024) and we continue to raise money across
our strategies. It is a privilege to be given the trust
and support of our investors to pursue our founding
and evolving values, and we remain grateful as we
enter a new year with renewed energy.
Positioned for opportunity
This year, we continued to strategically strengthen
our platform and position our investment strategies
for growth.
Through our real estate equity strategy, we further
strengthened our foothold in the German market
through new investments, strategic joint venture
partnerships, and increased hyper-local presence.
In 2024, our real estate strategy raised DKK 850
million (EUR 114 million), bringing total outstanding
equity commitments to approximately DKK 7.2
billion (app. EUR 1 billion). Notably, we ended
2024 with all our flagship real estate equity funds
performing in the top quartile when compared
against peers.
Our venture strategy deployed DKK 582 million
(EUR 78 million) of additional investments and held
a significant close of a further DKK 526 million (EUR
70 million) for its flagship product, 2150 Fund II –
bringing total commitments to over DKK 1.3 billion
(EUR 172 million). This was led by both new and
returning investors, setting the fund well on track
towards its final close in 2025.
Our credit strategy also continued to develop
through 2024 and into 2025, underscoring the
growing demand among investors for alternative
financing solutions with total new investments of
DKK 446 million (EUR 59 million), bringing total
outstanding equity commitments to approximately
DKK 7.2 billion (app. EUR 1 billion).
Finally, the year culminated in the announcement of
a strategic partnership through a minority stake in
Urban Partners A/S by the family owned-business
Viessmann Generations Group, cementing a long-
standing ambition by both businesses to solve urban
challenges through impactful investments.
A unique moment for growth
In 2024, we strengthened our business against a
backdrop of external macro stabilization, and we
enter the new fiscal year with a positive outlook
as all our core markets are now forecasted to see
economic growth. Inflation across Northern Europe
has moderated allowing for easing of monetary
policy and decreasing borrowing costs. Addition-
ally, trade fragmentation and increased defence
spending across Europe may benefit our logistics
Urban Partners | Annual Report 20247
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
Highlights
2024
JANUARY
Piloting new SBTi framework
Urban Partners is one of only 15
firms globally selected by the
industry-leading Science Based
Targets initiative (SBTi) to pilot new
framework, strengthening our unique
approach as investor and manager
to best-in-class decarbonization
practices.
JULY
Core+ investment momentum
Continued to make strategic invest-
ments through our real estate Core+
strategy, expanding our living port-
folio with the acquisition of Magnolia
Bostad, a compelling 524-unit
residential portfolio in Stockholm,
where we see strong supply-demand
fundamentals in housing set to be
further exasperated by a growing
population and declining construction
rates. The homes in the portfolio
are both sustainable and affordable,
making them an ideal fit for our
investment portfolio.
APRIL
Positioned for opportunity
Continued to capture the opportunities
of a stabilizing market through our
hyperlocal approach, leading to the
bilateral acquisition of the 260-room
Comfort Hotel Karl Johan in the heart
of Oslo, an attractive, well-located
property. This is the fifth hotel in our
real estate portfolio, a segment we
strategically grew in 2024.
NOVEMBER
Year of momentum for venture
Our venture capital strategy 2150
strategically invested in four compa-
nies during 2024: AtmosZero working
to decarbonize steam, MissionZero,
reinventing carbon through direct
air capture technology, Sitration
exploring new technologies for
battery recycling, and Metcycle
building a platform for metal trade. By
year’s end, 2150’s portfolio acounted
for an aggregate run-rate of +EUR
800 million and an aggregate enter-
prise value of over EUR 3 billion.
FEBRUARY
Strategic investment
in Germany
Strengthened foothold in Germany
through new investments, increased
local presence, and strategic part-
nerships such as a key joint venture
through our real estate strategy Nrep
to build up a sustainable logistics
portfolio in Germany that includes
a 27,000 sqm facility made entirely
from timber.
AUGUST
Credit strategy initiates
green financing
Our real estate credit strategy Velo
made two mezzanine investments
in 2024, including its first credit
investment in Sweden, a residential,
sustainability-focused portfolio that
aims to be operationally carbon-neu-
tral and energy efficient.
JUNE
Commercial scaling of
sustainable development
Broke ground on Ripple Residence,
a landmark development in Copen-
hagen demonstrating commercial
scaling of low emission and energy
efficient solutions. The building will
be nearly 100% energy self-suffi-
cient through the use of geothermal
energy, a heat pump, and solar
panels. It has been designed to be
easily disassembled and reused if it
ever needs to be demolished.
DECEMBER
Investing in green and
thriving communities
We rounded off the year with the
acquisition of A-House, an iconic
mixed-use property in the heart of
Copenhagen that spans over 23,000
square meters and includes 195
modern residential units and 10
commercial leases. This acquisition
is emblematic of our approach to real
estate investing, which goes beyond
the acquisition of assets to develop
green and thriving spaces that have a
positive impact on the communities
where we invest.
Urban Partners | Annual Report 20248
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
Financial
highlights
Group
tDKK 2024 2023
2
2022 2021 2020
Profit/loss
Revenue 1,570,152 1,401,680 1,473,090 752,679 720,153
Operating profit/loss
1
48,793 655 86,382 344,390 359,351
Profit/loss before financial income and expenses (18,648) (266,488) 24,891 68,459 90,370
Net financials (43,785) 10,106 (11,133) (5,080) (11,779)
Net profit/loss for the year (62,816) (246,795) 7,758 82,148 90,152
Balance sheet
Balance sheet 1,395,102 1,424,751 1,934,922 1,178,705 931,959
Equity 183,990 79,738 730,834 712,985 637, 286
Cash flows
Cash flows from:
- Operating activities 110,116 161,766 41,749 (139,572) 173,115
- Investing activities (256,596) 10,674 (66,074) (171,183) (91,447)
- Including investment in property, plant
and equipment (9,492) (5,715) (21,682) (6,454) (1,649)
- Financing activities 179,173 (132,736) 120,997 (20,617) 361,053
Change in cash and cash equivalents 32,689 39,706 96,672 (331,372) 442,721
Average number of employees 731 697 590 385 230
Ratios
Gross margin 3.1% 0.0% 5.9% 45.8% 49.9%
Profit margin (1,2%) (19.0%) 1.7% 9,1% 13%
Return on assets (1.3%) (18.7%) 1.3% 5.8% 9.70%
Solvency ratio 13.1% 5.6% 37.8% 60.5% 68.40%
Return on equity (47.6%) (79.4%) 1.1% 12.2% 21.80%
1
In 2022, 2023 and 2024 staff expenses are presented as part of operating income, which impact the gross margin negatively compared to
previous years
2
2023 comparative numbers are restated for changes in accounting policy, refer to note 1.3
The ratios have been calculated in accordance with
the recommendations of the Association of Danish
Financial Analysts. The ratios are defined as follows:
Gross margin Operating profit/loss x 100
Revenue
Profit margin Profit before financials x 100
Revenue
Return on assets Profit before financials x 100
Total assets
Solvency ratio Equity at year end x 100
Total assets at year end
Return on equity Net profit for the year x 100
Average equity
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
9 Urban Partners | Annual Report 2024
Our business
Proven investment
strategies and
execution across real
estate equity, credit
and venture capital
Our real estate equity strategy applies a
user-centric and hyperlocal approach to
invest in sectors and geographies with strong
supply-demand fundamentals. We currently
manage 8 million sqm of real estate across
Northern Europe, with a strong focus on
residential and logistics. We are a hands-on
operator with highly specialized teams who
leverage our sustainability expertise to maxi-
mize risk-adjusted returns.
nrep.com
Our venture capital strategy invests into
sustainable and resilient solutions to drive
value across the urban environment: from
building materials to the optimization
of urban assets to the well-being of city
dwellers. We are research-led and seek to
better understand the challenges posed to
our urban environment in order to identify
and accelerate the most effective solutions.
We work within the broader urban ecosystem
to create value for our partners, portfolio
companies and investors.
2150.vc
Our real estate credit strategy offers debt
financing to accelerate decarbonization
and resiliency in real estate developments
and standing assets. We underwrite credit
investments across Northern Europe, lever-
aging our two decades of track record and
expertise in real estate. We work with local
partners and offer bespoke solutions to help
drive a positive contribution to the green
transition.
velocap.com
Urban Partners | Annual Report 202411
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
Financial
model
Urban Partners financial model
is simple and scalable. It
focuses on delivery of attractive
and consistent returns to fund
investors.
Urban Partners Group's
revenue streams consists of
management fees, service fees
and other revenue as well as
carried interest from successful
fund management.
Consistent and
attractive client
returns...
Urban Partners' financial model
is based on the delivery of
consistent and attractive returns
to investors.
... drive growth
in AUM
Urban Partners funds deliver
consistent, strong returns, driving
investor demand for successor
funds, growth in fee-generating
assets under management and,
consequently, growth in manage-
ment fees.
With
complementary
revenue streams...
Attractive returns in Urban Part-
ners funds increases the potential
to generate carried interest.
... and a predictable
and well managed
cost base
Urban Partners' operating
expenses consist mostly of direct
personnel expenses or operating
expenses closely related to the
personnel base and size of oper-
ations, such as external consult-
ants.
Urban Partners | Annual Report 202412
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
Asset under
management
We finished 2024 with a record 160 billion in
Assets Under Management, which has nearly
doubled over the past five years.
• Stabile total asset base to 152bndkk (+2bndkk vs.
2023) preparing for the next flagship fund NSF VI
with first close in H1 2025
• All vintages continue to show strong investment
performance with all value-add funds delivering
top quartile returns (MtM)
• 2150 invests at Series A and B in companies that
e.g. have built differentiated technology that is
ready to scale and have significant sustainability
impact potential at scale
• As per end of 2024, 2150 had made 22 invest-
ments across the world with an aggregate port-
folio value of DKK 1.9bn (based on 2150 owner-
ship share).
• The 2150 team is primarily based in London
and Copenhagen but has a global investment
mandate.
• The new Velo Mezzanine fund has committed 3
investment loans for DKK 578million whereof 446
million has been paid out
• January and February 2025, the Velo Mezzanine
fund has committed and paid out additional DKK
237 million to 2 new investments
• The Velo Mezzanine fund has had a strong start
with a positive net IRR of 6.5% end 2024
Total AUM
152bn dkk (+2bn vs. 2023)
Capital deployed
11bn dkk (+2bn vs. 2023)
Returns
Q1
Total AUM
3.6bn dkk (+1.1bn vs. 2023)
Capital deployed
0.5bn dkk (+0.1bn vs. 2023)
Returns
3
Total AUM
4.4bn dkk (-0.7bn vs. 2023)
Capital deployed
0.2bn dkk (-0.3bn vs. 2023)
Returns
4
Top quartile returns across
all value add funds
funds under mangement, incl. SPV
for US-based institutional investor funds under mangement
Assets under management
+160
bn
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
14 Urban Partners | Annual Report 2024
2024 saw continued geopolitical unrest and macro-
economic volatility which has directly (in the form
of LP confidence and fund raising) and indirectly
(in the form of investment performance) impacted
the Group’s Financial Performance over the year.
Despite this, however, resulting from strong cost
discipline, the EBITDA result (DKK 48.8 million
(EUR 6.5 million)) was somewhat ahead of manage-
ment’s prior year guidance and expectations. This
positive outcome, and the avoidance of material one
off items related to promote and goodwill impair-
ments, that were experienced in 2023, represents
a stabilization of the Group’s financial performance
compared to the prior year and provides the bed
rock for anticipated stronger results in 2025 even if
they are not themselves representative of manage-
ment’s long term ambitions.
Looking at the fundamental drivers of the business
result for 2024 in more detail, Revenues were some-
what below management expectations whereas
costs were favorable, resulting in EBITDA being
marginally ahead of expectations.
Underpinning revenue growth, fundraising efforts
across all of the Group’s investment strategies
continued throughout 2024, and achieved modest
overall increases in new equity commitments
from investors. The most notable gains were in the
Venture Technology Strategy, 2150, and the Real
Estate Equity strategy, Nrep. Overall additional fee
bearing equity of DKK 1,579.8 million (EUR 211.8
million) was raised which was a good outcome in
the market context of more circumspect investors
but was lower than planned. Furthermore, the same
uncertainties posed challenges for our real estate
credit strategy adversely affecting fees arising from
earlier vintage Velo funds. As a result, total manage-
ment fee revenue was largely flat year-over-year
and failed to meet management’s expectations.
We note that, whilst 2024 expectations weren’t fully
met, Management is confident that a first close of
our follow-on investment vehicle in early 2025 will
provide a solid boost to revenue and help set the
stage for stronger performance ahead.
Non-management fee revenues have increased by
62% (DKK 188.6 million / EUR 25.3 million) year-
over-year but this is materially due to two items (a)
an exceptional one-off reversal of previously recog-
nised ‘promote-like’ revenue (60% impact; DKK
181.4 million (EUR 24.3 million) realized in 2023
did not recur in 2024 and (b) increased activity level
in the Group’s platform businesses (impact 7%;
DKK 22.4 million (EUR3.0 million)). The platforms
business described in (b) relate to residential and
accommodation services provided by the Group
to both businesses and consumers and increased
activity in this sector has seen an uplift in associ-
ated fees. As such a material aspect of the increase
in 2024 non-management fees is a return to more
“stabilized” levels and a further increase of this
magnitude is not anticipated to recur in 2025.
Total Operational Expenses comprising Staff
Costs and Other OPEX, have, on a headline basis,
increased 9% year-over-year. The increase is,
however, impacted by two large one-off items
impacting Staff Costs:
• A reversal of a salary expense related to a
‘promote-like’ income from 2023 (4% impact;
DKK –54.4 million (EUR -7.3 million)) realized in
2023 that did not recur in 2024, and
• Management initiated a warrant program in 2024
for its partners to align its key employees with
corporate performance (1% impact; DKK –9.6
million (EUR -1.3 million)).
Excluding these items, to achieve a clearer view of the
year-on-cost development, implies the Group’s Total
Operational Expenses increased by a modest 4%.
Analyzing the major items within Total Operating
Expenses in greater detail, Staff Costs have, on a
headline basis, increased year-over-year by 16%
(DKK 131.4 million). Excluding the aforementioned
extraordinary items, however, the remaining
increase of 8% is mainly a result of a modest head-
count increase (total average employees increased
from 697 in 2023 to 731 in 2024), restructuring-
related costs and inflationary adjustments with the
more permanent influence of inflationary increases
being below management’s budgetary expectations.
Furthermore, it is also notable that the restructuring
costs incurred during 2024 are anticipated to afford
Financial
review
Urban Partners | Annual Report 202415
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
longer terms efficiency and scalability of the plat-
form. Management remains convicted these actions
and associated costs are in the longer term interest of
the Group’s sustainable performance and will realize
financial and operational benefits in the longer term.
Other operational expenses (e.g. consultancy costs
etc.) saw a decrease of 2% year on year, and reflect
the more immediate impact of management’s focus
on efficiencies and scalability. Overall cost levels
were lower than budgeted despite being impacted
by several non-recurring costs related to restruc-
turing and fund set-up fees (further 7% negative
impact; DKK 39.2 million (EUR 5.2 million).
Adjusted profit and EBITDA
mDKK 2024
Profit after tax (62.8)
Taxes 2.1
Profit before taxes (60.8)
Depreciations, amortizations 76.8
Financial items 43.8
Promote items (9.3)
Adjusted profit 50.5
Income from investments (1.7)
EBITDA 48.8
The above elements combined have led to an
adjusted profit before tax level that is somewhat
ahead but largely aligned to management’s expec-
tations and prior year guidance.
Finally, as anticipated, the large impairment losses
and promote write-offs from 2023 did not repeat in
2024’s results, leading to a narrower gap between
EBITDA (DKK 48.8 million (EUR 6.5 million)) and the
net result for the year (DKK -62.8 million (EUR -8.4
million)). Whilst disappointing to have recorded,
overall, a net loss for the period, management is
confident this year represents the end of a chapter
in which the business has required significant
restructuring to set it on course for future success
and scalable profitability.
Outlook
for 2025
Entering 2025, management anticipate an increased level of
activity, materially driven by the first closing of the NSF VI
fund in H1, which will boost 2025 revenues. With the equity
raise anticipated for the NSF VI fund, management expects
management fee revenues to grow by 10 - 15%. Other fund-
raising efforts for all the Group’s investment strategies are
anticipated to occur gradually throughout the year, further
bolstering revenues.
Management expects a slight (c. 1%) decrease in opera-
tional expenses (adjusted for platform sites) despite general
inflationary pressures. Whilst the Group continues to make
focused investments in a small number of areas required
to support the investment organizations growth, total staff
costs are expected to remain stable. Additional cost savings
initiatives are expected to come from procurement efficiency
efforts and lower consultancy spend within other operational
expenses.
As such management anticipates incremental growth in
2025, which should, owing to a lower level of cost growth,
drive EBITDA profitability to c. +15%. This would represent
the realization of management’s strategy to continue to grow
revenues whilst operating a more sustainable operating plat-
form. Such a result will represent a significant improvement
when compared to the financial results of 2023 and 2024.
Urban Partners | Annual Report 202416
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
Corporate governance
Urban Partners governance structure consist of our
Board of Directors and the Executive Management.
The Board of Directors is responsible for the overall
and strategic management and proper organisation
of the Group’s business and operations. On behalf of
the shareholders, the Board of Directors supervises
Urban Partners’ organisation, day-to-day manage-
ment, and results.
The Board of Directors sets guidelines on the
day-to-day responsibilities and obligations of the
Executive Management. The Board of Directors
and the Executive Management further assess UP’s
business processes, the organisation, strategy,
risks, business objectives and controls.
A set of rules of procedure governs the work of
UP’s Board of Directors. These rules are reviewed
annually by the Board of Directors and updated as
necessary.
Corporate governance practices refer to the deci-
sion-making systems through which owners, directly
or indirectly, govern a company. Good corporate
governance is not only important for the Urban
Partners Group, it is also integrated in our business
model as it is part of the core value creation strategy
when advising and future-proofing the portfolio
companies of the funds, we administrate.
Board of Directors
The Board of Directors consists of five members
and has appointed a Chairperson and a Vice Chair-
person. The Board of Directors represents broad
international business experience and skills consid-
ered relevant to Urban Partners. The Board of
Directors evaluates its work on an annual basis, and
determines once a year the qualifications, experi-
ence and skills needed for the Board of Directors to
best perform its tasks. All board members are up for
election at each Annual General Meeting.
The Board of Directors meets 4 to 6 times a year and
holds extraordinary meetings when required.
The duties and responsibilities of Urban Partners' various governing
bodies are determined by Danish law and Urban Partners’
corporate governance principles, which aim to ensure active and
accountable business management across the Group.
Urban Partners | Annual Report 202418
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
Board of
Directors
Jim Hagemann Snabe
Vice Chairperson
Board Member since: May 2023
Member People Committee
As Vice Chairperson, Jim Hage-
mann Snabe provides guidance
to the Board of Directors and
Leadership of Urban Partners. He
is Chairman of the Supervisory
Board of Siemens AG and is a
member of the Board of Trustees
of the World Economic Forum.
LinkedIn
Mikkel Bülow-Lehnsby
Executive Chairperson
Board Member since: Jun 2020
Member People Committee
As Executive Chairperson, Mikkel
Bülow-Lehnsby supports the
Urban Partners' leadership on
setting the strategic direction for
the company. He co-founded the
firm in 2005 and served as CEO
until 2019.
LinkedIn
Morten Beck Jørgensen
Board Member
Board Member since: Jun 2020
Member People Committee
Morten Beck Jørgensen is
Managing Partner at Novo
Holdings and represents their
interests as shareholder in Urban
Partners’ Board of Directors.
LinkedIn
Rasmus Nørgaard
Board Member
Board Member since: Jun 2020
Rasmus Nørgaard is an urban
entrepreneur who has worked
in real estate for more than 20
years where he has founded
multiple successful real estate
platforms with users, commu-
nities and sustainability at their
core and also co-founded the firm
in 2005. In early 2021, Rasmus
founded the impact-driven real
estate company Home.Earth
together with a European team of
co-founders with the purpose to
developing sustainable and inclu-
sive homes and communities.
LinkedIn
Celia Francis
Board Member
Board Member since: Aug 2021
Celia Francis is CEO of Ponterra,
a developer and operator of
restoration projects that reverse
climate change and halt biodiver-
sity loss.
She has held multiple senior
leadership roles at leading tech-
nology companies.
LinkedIn
Urban Partners | Annual Report 202419
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
Executive
Leadership
Our team is comprised of +700 experienced
professionals located across eight countries, from
diverse backgrounds, including real estate, public
sector, technology, private equity, venture capital,
architecture, finance and sustainability.
Claus Mathisen
Partner, Co-CEO
As Co-CEO, Claus co-leads Urban
Partners and oversees all efforts
within strategy, partnerships,
capital, and business development.
Claus joined the company in 2008
and became CEO in 2018, after
careers at BCG and J.P. Morgan.
He is a firm believer in the
constructive role private equity
can play in addressing urban
challenges. Claus is personally
involved in The Railway District,
a large-scale urban development
area in Copenhagen based on the
green and thriving urban thinking
in the 15-minute city concept.
LinkedIn
Jens Stender
Partner, Co-CEO
As Co-CEO, Jens co-leads Urban
Partners and is responsible for
the organization, leadership,
governance set-up, and is over-
seeing our Executive Leadership
Council. He joined in 2022 after
14 years at Egon Zehnder, a
global leader in C-Level executive
search and leadership advisory.
His focus is to help individuals,
teams, and strategies to realize
their full potential and he is known
as a strong proponent for how
leadership comes down to being
purpose-led and values-driven.
LinkedIn
Amin Amirian
Partner, CPO
As Chief People Officer, Amin
is responsible for People &
Culture, Communication and
Office Services. Amin joined
Urban Partners in 2023 after
eight years at Apax Partners
where he was Global Head of HR.
Amin’s focus is on our greatest
asset, our people, by enabling
our teams to perform at their
best and fostering an inclusive
working environment where
everyone brings their true selves
to work every day.
LinkedIn
Jani Nokkanen
Partner, Nrep
As Chief Investment Officer
for Nrep, Jani is responsible
for Urban Partner’s real estate
private equity investment strate-
gies, and serving as the Chairman
of the Investment Committee,
fund manager of NSF I, II, and III.
He has also been deeply involved
in the Finnish investment busi-
ness since joining in 2008 from
BCG, where he gained experience
in strategy, corporate finance,
operations, and M&A. Jani’s focus
is to shape, execute and scale
Nrep’s investment strategies in a
way that benefits the planet, the
building’s users and our investors.
LinkedIn
Urban Partners | Annual Report 202420
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
Didde Maria Trachsel Kristensen
Partner, IR
As Head of Investor Relations,
Didde oversees all efforts within
capital formation including busi-
ness development, communica-
tion, client services and investor
relations. Didde joined Nrep in
2015 and took responsibility of
Investor Relations in 2019. Didde
is a purposeful driven profes-
sional with a background from
M&A, renewables infrastructure
and real estate financing. She has
spent the majority of her career
working with the establishment of
long-term partnerships with inter-
national financial and institutional
investors with combined capital
of more than €13bn.
LinkedIn
Colin Paul Throssell
Partner, CFO
As Chief Financial Officer, Colin
leads the Urban Partners' finance
team - encompassing Group
Finance, Fund Finance, Tax
and related teams. He joined
in 2021, coming latest from a
decade at Nuveen, where he
served as both Global CFO and
European CEO for the Real Estate
business. Colin’s leadership is
keenly founded on Urban Part-
ners’ values of trust and making
a difference, as he together with
the teams, strive to optimize
near and long-term financial
outcomes, serving the firm and
our investors in doing so.
LinkedIn
Christian Hernandez Gallardo
Partner, 2150
As Managing Partner for 2150,
Christian leads Urban Partners'
technology investment strategy
and co-leads Urban Partners'
brand and thought leadership
efforts. Christian joined in 2020
with a career spanning executive
roles at Google, Microsoft and
Facebook and founding a trans-
atlantic VC firm. His priority is to
identify innovations across the
globe that can tackle the greatest
challenges of our cities from
cement and concrete to cooling
to biodiversity and urban adap-
tation.
LinkedIn
Emanuele Bena
Partner, Velo Capital
As Managing Partner of Velo
Capital, Emanuele is responsible
for Urban Partners' alternative
credit strategy. He joined in
2020 as the first London-based
colleague, where he set up our
office and presence. Before
joining Urban Partners, he spent
17 years at JP Morgan, where he
was responsible for Real Estate
and Hospitaliaty Investment
Banking across EMEA. Emanue-
le’s focus is on ensuring Velo
Capital continues developing as
a cross-national team focused
on cooperation and innovation,
spearheading a new focus on
ESG-driven debt investments.
LinkedIn
Rune Kock
Partner, Nrep
As Chief Executive Officer for
Nrep, Rune leads Urban Part-
ners' real estate private equity
investment strategy. He has
been deeply involved in enabling
Nrep's development, working
across its strategies, investment
teams, and additionally as Fund
Manager and Investor Committee
member. Rune joined in 2012
after holding senior real estate
roles at ATP Real Estate and
Catella Corporate Finance. Rune's
passion is grounded in proving the
commercial benefits of acceler-
ating decarbonization within real
estate, and strengthening Nrep's
leadership position as the local,
strategic real estate investor.
LinkedIn
Xavier Himmer
Partner, COO
As Chief Operating Officer, Xavier
is overseeing all operational
aspects of the firm, leading the
Operational Management Team,
including functions such as IT,
Finance, Sustainability, Legal,
Compliance & Risk Management.
He joined in 2023, and brought
20 years' leadership experience
in the alternative asset manage-
ment industry across equity,
credit and real estate debt most
recently as COO with CVC Credit
Partners. Xavier is committed to
driving Urban Partners' ambitious
growth agenda while ensuring an
unchanged commitment to our
purpose and people through our
values.
LinkedIn
Urban Partners | Annual Report 202421
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
Urban Partners | Annual Report 202423
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
Illustration: Urban Partners’ Double Materiality Assessment (DMA), 2024
Low Financial materiality High
Environmental
Social
Governance
Low Impact materiality High
Water
Affected communities
Biodiversity & ecosystems
Pollution
Consumers and end users
Own workforce
Business conduct
Workers in the value chain
Climate change
Circular Economy
Urban Partners | Annual Report 202424
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Urban Partners | Annual Report 202425
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Urban Partners | Annual Report 202426
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Urban Partners | Annual Report 202427
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Urban Partners | Annual Report 202428
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Urban Partners | Annual Report 202429
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Urban Partners | Annual Report 202430
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Urban Partners | Annual Report 202431
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Urban Partners | Annual Report 202432
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Urban Partners | Annual Report 202433
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Urban Partners | Annual Report 202434
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Urban Partners | Annual Report 202435
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Urban Partners | Annual Report 202436
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tDKK Note 2024 2023
Revenue 2.1 1,570,152 1,401,680
Staff costs 2.2 (950,304 ) (818,913 )
Other external expenses (571,054 ) (582,112 )
Operating profit/loss before depreciation and
amortization (EBITDA) 48,794 655
Income from carried interest in associates related to UP
managed funds 3.6 9,333 8,449
Depreciation, amortisation and impairment 3.1, 3.3, 3.4 (76,774 ) (275,592 )
Profit/loss before financial income and expenses (EBIT) (18,648 ) (266,488 )
Income from investments in joint ventures 3.6 52 (3,863 )
Income from investments in associates 3.6 1,007 (1,118 )
Income from investments in other investments 3.7 1,003 (7,282 )
Net gain/loss in sale of shares in investments (390 ) 82
Financial income 2.3 13,516 47,827
Financial expenses 2.3 (57,301 ) (37,721 )
Profit/loss before tax (60,761 ) (268,563 )
Tax on profit/loss for the year 2.4 (2,056 ) 21,768
Net profit/loss for the year (62,817 ) (246,795 )
Statement of comprehensive income
tDKK Note 2024 2023
Thereof:
Attributable to the Shareholders (64,890 ) (238,238 )
Attributable non-controlling interests 2,073 (8,557 )
Total (62,817 ) (246,795 )
Item that may be reclassified to profit or loss
Exchange differences on translation of foreign operations (3,216 ) 1,646
Total other comprehensive income (3,216 ) 1,646
Total comprehensive income (66,033 ) (245,149 )
Thereof:
Attributable to the Shareholders (68,106 ) (236,597 )
Attributable non-controlling interests 2,073 (8,552 )
(66,033 ) (245,149 )
Urban Partners | Annual Report 202439
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
Consolidated financial statements
Assets
tDKK 2024 2023
1 January
2023
Goodwill 117,262 117,262 321,847
Software 50,799 38,063 17,348
Other intangible 134,148 148,775 164,869
Development projects in progress 7,308 7,168 15,525
Intangible assets 3.1, 3.2 309,517 311,268 519,589
Buildings 3.3 - 375 1,612
Other fixtures and fittings, tools and equip-
ments 3.3 15,365 16,604 19,549
Leasehold improvements 3.3 4,248 4,733 6,321
Right-of-use assets 3.4 98,631 84,150 64,713
Property, plant and equipment total 118,244 105,862 92,195
Investments in joint ventures 3.6 2,166 2,114 1,727
Investments in associates 3.6 59,084 66,034 144,612
Other investments 3.7 163,464 133,690 118,849
Other receivables 3.8 145,080 91,637 225,756
Deferred tax asset 2.4 57,747 51,792 50,657
Total other non-current assets 427,541 345,267 541,600
Total non-current assets 855,302 762,397 1,153,384
Trade receivables 3.9 98,753 112,542 206,783
Other current receivables 3.9 92,782 233,991 112,158
Prepayments 19,813 20,709 16,601
Cash 4.2 328,452 295,112 256,694
Total current assets 539,800 662,354 592,236
Total assets 1,395,102 1,424,751 1,745,620
Equity and liabilities
tDKK 2024 2023
1 January
2023
Share capital 3.11 1,398 1,380 1,366
Reserve for foreign currency translation (6,131 ) (22 ) (4,422 )
Retained earnings 179,971 71,051 500,271
Equity attributable to shareholders of parent
company 175,238 72,409 497,215
Non-controlling interests 8,752 7,329 44,317
Equity 183,990 79,738 541,532
Provisions 3.12 - 13,856 53,651
Non-current lease liabilities 4.2 71,495 62,810 33,485
Deferred tax liabilities 2.4 42,957 47,601 85,440
Borrowings 4.1 288,560 288,397 109,317
Other payables 3.13 12,628 12,150 321,412
Total non-current liabilities 415,640 424,814 603,305
Current lease liabilities 4.2 28,560 24,522 32,422
Borrowings 4.1 71,503 20,273 93,139
Trade payables 4.2 33,194 47,214 32,876
Other payables 3.13 662,215 828,190 442,346
Total current liabilities 795,472 920,199 600,783
Total liabilities 1,211,112 1,345,013 1,204,088
Total equity and liabilities 1,395,102 1,424,751 1,745,620
Statement of financial position
Urban Partners | Annual Report 202440
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
Consolidated financial statements
tDKK
Share
Capital
Reserve for
foreign currency
translation
Retained
earnings
Equity attributable
to owners of the
parent company
Non-
controlling
interests Total
2024
Equity at 1 January 1,380 (22 ) 71,051 72,409 7,329 79,738
Net profit/loss for the year - - (64,890 ) (64,890 ) 2,073 (62,817 )
Exchange differences relating to foreign entities - (6,109 ) 2,893 (3,216 ) - (3,216 )
Total comprehensive income for the period - (6,109 ) (61,997 ) (68,106 ) 2,073 (66,033 )
Capital increase 18 - 20,003 20,021 - 20,021
Issue of warrants/LTIP - - 9,943 9,943 - 9,943
Sale of treasury shares - - 140,971 140,971 - 140,971
Non-controlling dividend - - - - (650 ) (650 )
Equity at 31 December 1,398 (6,131 ) 179,971 175,238 8,752 183,990
Statement of changes in equity
Urban Partners | Annual Report 202441
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
Consolidated financial statements
tDKK
Share
Capital
Reserve for
foreign currency
translation
Retained
earnings
Equity attributable
to owners of the
parent company
Non-
controlling
interests Total
2023
Equity at 1 January 1,366 (4,421 ) 642,684 639,629 91,207 730,836
Restatement opening - - (142,413 ) (142,413 ) (46,890 ) (189,303 )
Equity at 1 January Restated 1,366 (4,421 ) 500,271 497,216 44,317 541,533
Net profit/loss for the year Restated - - (238,238 ) (238,238 ) (8,557 ) (246,795 )
Exchange differences relating to foreign entities - 4,399 (2,758 ) 1,641 5 1,646
Total comprehensive income for the period - 4,399 (240,996 ) (236,597 ) (8,552 ) (245,149 )
Capital increase 14 - 43,356 43,370 - 43,370
Purchase of treasury shares - - (192,717 ) (192,717 ) - (192,717 )
Sale of treasury shares - - 14,571 14,571 - 14,571
Purchase non controlling - - (53,434 ) (53,434 ) 1,169 (52,265 )
Sale of non-controlling - - - - (15,603 ) (15,603 )
Non-controlling dividend - - - - (14,002 ) (14,002 )
Equity at 31 December 1,380 (22 ) 71,051 72,409 7,329 79,738
Statement of changes in equity
Urban Partners | Annual Report 202442
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
Consolidated financial statements
tDKK Note 2024 2023
Net profit/loss for the year (62,817 ) (246,795 )
Adjustments to reconcile profit before tax to net cash flows:
Financial income 2.3 (13,516 ) (47,827 )
Financial expenses 2.3 57,301 37,721
Loss (gain) on intangible assets 3.1 6,025 5,477
Loss (gain) on disposal property, plant and equipment 3.3 375 1,240
Loss (gain) on disposal of investments 390 (82 )
Income from investments in associates 3.6 (1,007 ) 1,118
Income from investments in joint ventures 3.6 (52 ) 3,863
Income from investments in other investments 3.7 (1,003 ) 7,282
Unpaid carried interests (9,333 ) (8,449 )
Paid interest 2.3 (57,301 ) (34,724 )
Non-cash 4.4 85,207 257,389
Changes in net working capital: 4.5 105,030 191,206
Exchange rate realised gain/(losses) net 2.3 4,392 (1,597 )
Income tax paid (3,574 ) (4,056 )
Net cash flow from operating activities 110,117 161,766
tDKK Note 2024 2023
Acquisition of subsidiaries, deferred purchase price 4.3 (195,954 ) -
Purchase of intangible assets 3.1 (39,526 ) (27,901 )
Purchase of property, plant and equipment 3.3 (9,492 ) (5,715 )
Purchase of investments in associates 3.6 (403 ) (255 )
Purchase of investments in joint ventures 3.6 - (4,250 )
Disposal of investments in associates 3.6 580 428
Purchase of other non-current financial assets 3.7 (28,967 ) (27,364 )
Disposal of other non-current financial assets 3.7 4,433 6
Interest income received 2.3 4,879 3,831
Dividend income received 3.6, 3.7 7,853 71,894
Net cash flow from investing activities (256,597 ) 10,674
Capital increase 3.11 20,021 -
Proceed from borrowings from interests-bearing loan and borrowings 4.1 51,229 106,129
Acquistion of non-controlling interest - (9,350 )
Repayment of principal portion of lease liabilities 3.4 (32,399 ) (37,367 )
Purchase of treasury shares - (192,717 )
Sale of treasury shares 3.11 140,971 14,571
Dividend paid to non-controlling interest (650 ) (14,002 )
Cash flow from financing activities 179,173 (132,736 )
Change in cash and cash equivalents 32,689 39,706
Cash and cash equivalents at 1 January 295,112 256,694
Exchange adjustment of cash and cash equivalents 650 (1,288 )
Cash and cash equivalents at 31 December 328,451 295,112
Statement of cash flow
Urban Partners | Annual Report 202443
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
Consolidated financial statements
Section 1 Basis of preparation of the
consolidated financial statements 45
Note 1.1 Basis of preparation 45
Note 1.2 Basis of consolidation 46
Note 1.3 Impact of change in accounting policies 47
Section 2 Result for the year 49
Note 2.1 Revenue 49
Note 2.2 Staff costs and remuneration 50
Note 2.3 Financial Items 51
Note 2.4 Income tax 51
Section 3 Assets and liabilities 53
Note 3.1 Intangible assets 53
Note 3.2 Impairment test 55
Note 3.3 Property, plant and equipment 57
Note 3.4 Right-of-use assets 58
Note 3.5 Partially owned subsidiaries 59
Note 3.6 Investments in joint ventures and associates 60
Note 3.7 Other investments 63
Note 3.8 Other non-current receivables 63
Note 3.9 Receivables 64
Note 3.10 Share base compensation 64
Note 3.11 Share capital 66
Note 3.12 Provision 67
Note 3.13 Other payables 68
Section 4 Capital structure 69
Note 4.1 Net interest-bearing debt 69
Note 4.2 Financial risk management 70
Note 4.3 Financial instruments 72
Note 4.4 Non-cash items 74
Note 4.5 Working capital changes 74
Section 5 Other disclosures 75
Note 5.1 Contingent assets, liabilities and other
financial obligations 75
Note 5.2 Related parties 75
Note 5.3 Audit fees 76
Note 5.4 Events after the balance sheet date 76
Note 5.5 Group companies 77
Notes to the financial statements
Urban Partners | Annual Report 202444
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
Consolidated financial statements
SECTION 1 BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS
SECTION 1
Basis of
preparation
of the
consolidated
financial
statements
1.1 Basis of preparation
The Consolidated Financial Statements of the
Urban Partners Group (the Group) for 2024 have
been prepared on a going concern basis and in
accordance with the IFRS Accounting Standards as
adopted in the EU and additional Danish disclosure
requirements.
Impact of new accounting standards
Urban Partners Group changed accounting policy
from IFRS 9 to IFRS 15 in aspect of measurement of
carried interest (promote) please refer to note 1.3.
Other accounting policies are unchanged from last
year, except for the implementation of new and
amended IFRS/IAS standards as stated below.
In addition immaterial reclassifications are made
within the balance sheet for the comparison figures.
General information on recognition
and measurement
The consolidated financial statements have been
prepared under the historical cost method, except
for the measurement of certain financial instru-
ments that are measured at fair value.
New accounting standards,
amendments and interpretations
Management has assessed the impact of new or
amended and revised accounting standards and
interpretations issued by IASB and IFRSs, endorsed
by the European Union, effective on or after 1
January 2024.
The following amendments have been adopted as of
1 January 2024:
- Classification of Liabilities as Current or Non-cur-
rent and Non-current liabilities with covenants –
Amendments to IAS 1
- Lease Liability in Sale and Leaseback – Amend-
ments to IFRS 16
- Supplier Finance Arrangements – Amendments to
IAS 7 and IFRS 7
None of the new or amended standards and inter-
pretations are expected to have a material impact
on the consolidated financial statements
Standards issued but not yet effective
IASB has issued certain new or amended accounting
standards and interpretations that have not yet
become effective or adopted by the EU. None of
these have been early adopted by the Group. Urban
Partners expects to adopt the accounting standards
and interpretations as they become mandatory.
The new or amended standards or interpretations
are not expected to have a significant impact on our
consolidated financial statements.
IFRS 18 Presentation and Disclosure in Financial
Statements (effective for annual periods beginning
on or after 1 January 2027) will not impact the
recognition or measurement of items in the financial
statements however, it will impact presentation and
disclosure.
Management is currently assessing the implica-
tions of applying the new standard. A high-level
preliminary assessment has identified the following:
grouping items of income and expenses in the
statement of profit or loss into the new categories
will impact how operating profit is calculated and
reported, and changes to classification of financial
items in the statement of cash flows is expected to
impact the presented cash flows from operating,
investing and financing activities, respectively
Presentation of accounting policies
Where possible, the accounting policies for an
accounting area are presented in the notes for each
area. Accounting policies not directly related to an
area covered by a note are presented below.
Applying materiality
The financial statements are a result of processing
large numbers of transactions and aggregating
those transactions into classes according to their
nature. When aggregated, the transactions are
presented in classes of similar items in the financial
statements. If a line item is not individually signif-
icant, it is aggregated with other items of a similar
nature in the financial statements.
There are substantial disclosure requirements
throughout IFRS. Management provides specific
disclosures required by IFRS unless the information
is considered immaterial to the economic deci-
sion-making of the users of these financial state-
ments or not applicable.
Note 1.1 Basis of preparation 45
Note 1.2 Basis of consolidation 46
Note 1.3 Impact of change in accounting
policies 47
Urban Partners | Annual Report 202445
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
Consolidated financial statements
1.2 Basis of consolidation
The consolidated financial statements include the
accounts of Urban Partners A/S, and all subsidiaries
controlled by Urban Partners A/S. Control is assumed
when the Group is exposed to, or has rights to, vari-
able returns from its involvement with the entity and
has the ability to affect those returns through its
power over the entity. Subsidiaries are fully consoli-
dated from the date on which control is transferred to
Urban Partners A/S. They are deconsolidated from the
date that control ceases. In assessing control, poten-
tial voting rights that are substantive, are considered.
Enterprises in which the Group has shared control are
classified as joint ventures.
Enterprises in which the Group holds between 20%
and 50% of the votes and exercises significant influ-
ence but not control are classified as associates.
Enterprises which holds the right to carried interest
are classified as associate irrespective of % voting
rights.
On consolidation, items of a uniform nature are
combined. Elimination is made of intercompany
income and expenses, shareholdings, dividends, and
accounts as well as of realised and unrealised profits
and losses on transactions between the consolidated
enterprises.
1.1 Basic of preparation (continued)
Significant accounting estimates and judgements
The key assumptions concerning the future and other
key sources of estimation uncertainty at the reporting
date, that have a significant risk of causing a material
adjustment to the carrying amounts of assets and
liabilities within the next financial year, are described
in the relevant notes. The Group based its assump-
tions and estimates on parameters available when
the consolidated financial statements were prepared.
Existing circumstances and assumptions about future
developments, however, may change due to market
changes or circumstances arising that are beyond the
control of the Group. Such changes are reflected in
the assumptions when they occur.
Note Key accounting estimates and judgement Estimate/judgement Impact
2.4 Income tax Utilization of deferred tax asset Estimate Medium
3.2 Impairment Estimate of the value-in-use for intangible
assets based on assumptions used when
impairment testing
Estimate High
3.6 Associates Estimate of carried interest income recogni-
tion and judgment of significant influence
Estimate & Judgement High
The Parent’s investments in the consolidated subsid-
iaries are set off against the Parent’s share of the
net asset value of subsidiaries stated at the time of
consolidation.
Minority interest
Minority interests form part of the Group’s total
equity. Upon distribution of net profit, net profit is
broken down on the share attributable to minority
interests and the share attributable to the share-
holders of the Parent. Minority interests are recog-
nised on the basis of a remeasurement of acquired
assets and liabilities to fair value at the time of acqui-
sition of subsidiaries.
On subsequent changes to minority interests where
the Group retains control of the subsidiary, the
consideration is recognised directly in equity.
Foreign currency translation
Items included in the financial statements of each of
the Group’s entities are measured using the currency
of the primary economic environment in which the
entity operates (‘the functional currency’). The
consolidated financial statements are presented
in DKK, which is Urban Partners A/S functional and
presentation currency.
Transactions and balances
Transactions in foreign currencies are initially
recorded by the Group’s entities at their respective
functional currency spot rates at the date the transac-
tion first qualifies for recognition.
Monetary assets and liabilities denominated in
foreign currencies are translated at the functional
currency spot rates of exchange at the reporting date.
Differences arising on settlement or translation of
monetary items are recognised in profit or loss. Tax
charges and credits attributable to exchange differ-
ences on those monetary items are recognised in
other comprehensive income.
Non-monetary items that are measured in terms of
historical cost in a foreign currency are translated
using the exchange rates at the dates of the initial
transactions. Non-monetary items measured at fair
value in a foreign currency are translated using the
exchange rates at the date when the fair value is
determined. The gain or loss arising on translation of
non-monetary items measured at fair value is treated
in line with the recognition of the gain or loss on the
change in fair value of the item (i.e., translation differ-
ences on items whose fair value gain or loss is recog-
nised in other comprehensive income or profit or loss
are also recognised in other comprehensive income
or profit or loss, respectively).
In determining the spot exchange rate for initial
recognition of the related asset, expense or income
(or part of it) or the derecognition of a non-mon-
etary asset or non-monetary liability relating to
advance consideration, the date of the transaction
is the date on which the Group initially recognises
the non-monetary asset or non-monetary liability
arising from the advance consideration. If there are
multiple payments or receipts in advance, the Group
determines the transaction date for each payment or
receipt of advance consideration.
1.2 Basis of consolidation (continued)
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Consolidated financial statements
Group companies
On consolidation, the assets and liabilities of foreign
operations are translated into DKK at the rate of
exchange prevailing at the reporting date and their
statements of profit or loss are translated at exchange
rates prevailing at the dates of the transactions.
The exchange differences arising on translation for
consolidation are recognised in other comprehen-
sive income. On disposal of a foreign operation, the
component of other comprehensive income relating
to that particular foreign operation is reclassified to
profit or loss.
Any goodwill arising on the acquisition of a foreign
operation and any fair value adjustments to the
carrying amounts of assets and liabilities arising on
the acquisition are treated as assets and liabilities of
the foreign operation and translated at the spot rate
of exchange at the reporting date.
Other external expenses
Other external expenses comprise expenses for
travel, IT, marketing as well as office expenses, etc.
Costs are recognised by the amount attributable to
this financial year.
Depreciation and impairment
Amortisation, depreciation and impairment losses
comprise amortisation, depreciation and impairment
of property, plant and equipment, intangible assets
and goodwill.
Cash and cash equivalents
Cash and cash equivalents in the statement of finan-
cial position comprise cash at banks subject to an
insignificant risk of changes in value.
Cash flow
The cash flow statement shows cash flows relating to
operations, investments and financing activities, as
well as cash equivalents at the beginning and end of
the year.
Cash flows relating to operating activities are
presented according to the indirect method and are
calculated as net profit adjusted for non-cash oper-
ating items, changes in operating capital, working
capital as well as financial income and expenses and
income tax paid.
Cash flows relating to investment activities include
payments in connection with the acquisition and
divestment of enterprises, financial assets as well
as the purchase, development, improvement and
sale etc. of intangible assets and property, plant and
equipment.
In the cash flow statement, cash flows from acquired
enterprises are recognised from the date of acqui-
sition, and cash flows from divested companies are
recognised up until the time of divestment.
Cash flows from financing activities include raising
and repaying loans, repayment of interest-bearing
debt, payments relating to leasing obligations,
changes in minority interests and changes in the
parent company’s contributed capital including divi-
dend payment.
Cash flows in currencies other than the functional
currency are recognised in the cash flow statement
based on the average exchange rates for the months.
1.3 Impact of change in accounting policies
Urban Partners Group changed its accounting policy
from IFRS 9 (Financial Instruments) to IFRS 15
(Revenue from Contracts with Customers) for carried
interest (promote) based on judgment. This change
is considered a change in accounting policy, and
comparative figures have been restated retrospec-
tively.
The Group’s carried interest in the managed funds
is structured through equity investments in entities
holding the carried interest shares in the respective
funds. These entities are not controlled by Urban
Partners and are accounted for under the equity
method. The underlying carried interest shares have
under the previous accounting policy been treated as
financial assets measured at fair value in the respec-
tive investees. Following the change in accounting
policy, the underlying carried interest shares are
treated as revenue contracts with customers.
For revenue recognition under IFRS 15, reference is
made to note 3.6.
As a result, carried interest recognised under IFRS 15
and investments holding carried interest, previously
classified as Other investments and Joint Ventures,
have been reclassified to associates.
Other accounting policies are unchanged from last
year, except for the implementation of new and
amended IFRS/IAS standards as stated below.
Impact of change to IFRS 15 accounting policy
The following tables summarise the impact of the
changes requiring restatement on the Groups consoli-
dated financial statements.
1.2 Basis of consolidation (continued)
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Consolidated financial statements
1.3 Impact of change in accounting policies (continued)
Statement of comprehensive income (extract)
tDKK
2023 as
reported
IFRS 15
adjustment
2023
Restated
Income from carried interest in associates related to
UP managed funds (82,402) 90,851 8,449
Income from carried interest in other investments related
UP managed funds (62,041) 62,041 -
Income from carried interest in joint ventures related to
UP managed funds 4,797 (4,797) -
Profit/loss before financial income and expenses (EBIT) (414,583) 148,095 (266,488)
Income from investments in joint ventures (3,554) (309) (3,863)
Profit/loss before tax (416,349) 147,786 (268,563)
Tax on profit/loss for the year 21,768 - 21,768
Net profit/loss for the year (394,581) 1 47,786 (246,795)
Thereof:
Attributable to the Shareholders (358,180) 119,943 (238,237)
Attributable non-controlling interests (36,401) 27,844 (8,557)
(394,581) 147,787 (246,794)
Total comprehensive income (392,935) 147,787 (245,148)
Thereof:
Attributable to the Shareholders (356,539) 119,943 (236,596)
Attributable non-controlling interests (36,396) 27,844 (8,552)
(392,935) 147,787 (245,148)
Statement of financial position (extract)
tDKK
2023 as
reported
IFRS 15
adjustment
2023
Restated
Investments in joint ventures 23,091 (20,977) 2,114
Investments in associates 20,554 45,480 66,034
Other investments 185,436 (51,746) 133,690
Total other non-current assets 376,079 (27,243) 348,836
Total non-current assets 793,209 (27,243) 765,966
Total assets 1,451,994 (27,243) 1,424,751
Retained earnings 93,521 (22,470) 71,051
Equity attributable to shareholders of parent company 94,879 (22,470) 72,409
Non-controlling interests 12,102 (4,773) 7,329
Equity 106,981 (27,243) 79,738
Total liabilities 1,345,013 - 1,345,013
Total equity and liabilities 1,451,994 (27,243) 1,424,751
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Consolidated financial statements
SECTION 2 RESULT FOR THE YEAR
2.1 Revenue
Group
tDKK Nrep Velo 2150
Corporate
functions Total
2024
Management fee 936,051 63,364 77,504 - 1,076,919
Service fee 286,090 895 369 - 287,354
Other revenue 199,421 119 329 6,010 205,879
Total revenue 1,421,562 64,378 78,202 6,010 1,570,152
2023
Management fee 962,429 83,383 51,221 - 1,097,033
Service fee 280,642 - - - 280,642
Other revenue 12,625 - - 11,380 24,005
Total revenue 1,255,696 83,383 51,221 11,380 1,401,680
2023 Revenue categories has been restated to follow the 2024 categorization method.
SECTION 2
Result for
theyear
Note 2.1 Revenue 49
Note 2.2 Staff costs and remuneration 50
Note 2.3 Financial Items 51
Note 2.4 Income tax 51
§
Accounting policy
As part of the execution of Business Plan 2024,
Urban Partners changed its reporting for revenue
streams in 2023. The new business streams follow
the are: Nrep, Velo, 2150 and Corporate functions.
Management fee
The Group’s primary management revenue streams,
which include management fees, incentive fees
(including incentive distributions and performance
fees), are satisfied over time.
The Group earns management fees in accordance
with contractual arrangements with funds.
Fees are typically equal to a percentage of
fee-bearing capital within the respective fund or
entity and are accrued quarterly. These fees are
earned over the period of time that the manage-
ment services are provided and are allocated to the
distinct services provided by the company during
the reporting period.
Service fee
Service fee revenue stream relate to services not
included in the management fee agreement that the
Group performs on behalf of the funds it manages.
The revenues arising from these services are recog-
nized on a time spent basis.
Other revenue
Other revenues relate to the hospitality operations
which is generated by providing accommodation,
food and beverage and leisure facilities to hotel
guests.
Revenue from accommodation is recognized over
the period that the guest stays at the hotel; food and
beverage revenue as well as revenue from leisure
activities is recognized when goods and services are
provided. Further it includes variable considerations
that are considered highly probable that a reversal
will not take place in the future.
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
Consolidated financial statements
Urban Partners | Annual Report 202449
2.2 Staff costs and remuneration
tDKK 2024 2023
Wages, salaries and remuneration 748,900 709,454
Pensions, defined contribution plans 66,922 63,270
Other social security costs 72,087 49,057
Other staff costs 52,778 (2,868)
Share-based payment 9,617 -
Total staff costs and remuneration 950,304 818,913
Other staff expenses include staff recruitment costs and the costs of temporary workers.
Average number of employees
2024
2023
Remuneration to the Key Management
The key management for the Group has been defined as the partner group, which consist of 15 persons (2023: 11
persons), Executive Management and Board of Directors. The remuneration paid or payables to the Key Manage-
ment is shown below:
tDKK 2024 2023
Wages, salaries and remuneration 53,181 44,984
Share-based payment 6,674 -
Total remuneration to the Key Management 59,855 44,984
Remuneration to the Executive Management 17,075 7,607
Remuneration to the Board of Directors 5,647 1,457
Remuneration to the Executive Management and Board of Directors 22,722 9,064
Remuneration to other Key Management personnel 37,1 33 35,920
Total remuneration to the Key Management 59,855 44,984
For information on the share-based payment, please refer to note 3.10 Share base compensation.
§
Accounting policy
Staff costs and remuneration comprise expenses related to wages, salaries, bonuses, pension contributions,
social security contributions, annual leave, sick leave, etc. Expenses are recognised in the year in which the asso-
ciated service are rendered by employees of the Group.
The Group makes contributions to defined contribution pension plans. The contributions are recognised in the
consolidated statement of comprehensive income as incurred.
Urban Partners | Annual Report 202450
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Consolidated financial statements
2.3 Financial Items
tDKK 2024 2023
Financial income
Exchange gains 5,117 -
Other interest income 4,879 3,831
Other financial income measured at amortized cost 3,520 6,334
Other financial income measured at FVTPL - 37,662
Total financial income 13,516 47,827
Financial expenses
Other interest expenses 47,574 31,854
Exchange losses 725 1,597
Other financial expenses 5,311 -
Lease expenses, interest 3,691 2,869
Value adjustments other investments - 1,401
Total financial expenses 57,301 37,721
Other financial income is in 2023 impacted by a reversal of contingent consideration totalling DKK 37.7 million.
Other interest expenses refers to interest on the Group’s working capital facility, interest on cash management
services and other bank charges.
§
Accounting policy
Financial items comprise interest income and expenses, currency gains and losses, amortisation of loan cost,
interest on leases and other financial income measured at FVTPL.
2.4 Income tax
tDKK 2024 2023
Taxes recognized in the income statement
Current tax for the year (10,913) (13,799)
Deferred tax for the year 10,599 35,567
Tax related to prior years (1,742) -
Income tax expense reported in the statement of profit or loss (2,056) 21,768
Reconciliation of effective tax rate
At Denmark’s statutory income tax rate of 22% (2023: 22%) (13,367) (91,597)
Tax effects
Non-taxable income (3,752) (3,640)
Non-deductible expenses 6,223 74,299
Movements on tax losses not recognised 4,700 (1,306)
Adjustment prior years 3,362 913
Luxembourg local income tax 2,543 242
Germany local income tax 2,411 1,496
Other (64) (2,175)
Tax effects, total 15,423 69,829
Tax expenses (2,056) 21,768
Effective tax rate 3% -6%
Non-taxable income of DKK 3.8 million (2023: DKK 3.6 million) and non-deductible expenses of DKK 6.2 million
(2023: DKK 74.3 million) is mainly related to income from investments related to Group managed funds and
non-deductilble consultancy costs.
Urban Partners | Annual Report 202451
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Consolidated financial statements
2.4 Income tax (continued)
tDKK 2024 2023
Deferred tax assets and liabilities
Other intangible 43,755 48,527
Tax loss carry-forward (57,747) (51,792)
Other (798) (926)
(14,790) (4,191)
Deferred tax assets
Provision for deferred tax at 1 January (51,792) (50,657)
Other movements - 3,569
Amounts recognised in the income statement for the year (5,955) (4,704)
Deferred tax assets at 31 December (57,747) (51,792)
Deferred tax liabilities
Provision for deferred tax at 1 January 47,601 78,464
Amounts recognised in the income statement for the year (4,644) (30,863)
Deferred tax liabilities at 31 December 42,957 47,601
Recognised deferred tax assets amount to DKK 57.7 million (2023: DKK 51.8 million).
§
Accounting policy
Tax for the year consists of current tax and deferred tax. It is recognised in the income statement with the portion
attributable to the earnings for the year.
Current tax liabilities and receivables are recognized in the balance sheet as the amounts calculated on the
taxable income for the year adjusted for tax on taxable incomes for prior years and for taxes paid on account.
Deferred tax is measured using the balance sheet liability method on all temporary differences between the
carrying amount and the tax value of assets and liabilities. Where alternative tax rules can be applied to deter-
mine the tax base, deferred tax is measured based on the planned use of the asset or settlement of the liability,
respectively.
Deferred tax assets arising from temporary deductible differences and tax losses carried forward are recognized
when it is sufficiently probable that they can be realized by offset against future taxable profits. At each balance
sheet date, it is assessed whether an offset is likely in a foreseeable future.
!
Significant accounting estimates
Utilization of deferred tax assets is dependent on future taxable profit. Management has considered budgets
and future business plans when evaluating recognition of deferred tax assets and finds that there is convincing
evidence that sufficient taxable profit will be available against which the deferred tax assets can be utilized
within 3-5 years. There is no expiry date and mainly relates to Denmark.
Urban Partners | Annual Report 202452
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Consolidated financial statements
SECTION 3 ASSETS AND LIABILITIES
3.1 Intangible assets
tDKK
Development
projects in progress Software
Other intangible
assets Goodwill Total
2024
Cost at 1 January 7,168 49,165 182,906 321,847 561,086
Additions 35,503 4,023 - - 39,526
Disposals (6,025) - (979) - (7,004)
Transfer (29,354) 28,074 1,280 - -
Exchange rate adjustments 16 (5) 5 - 16
Cost at 31 December 7,308 81,257 183,212 321,847 593,624
Impairment and amortisation at 1 January - (11,102) (34,131) (204,585) (249,818)
Impairment and amortisation - (19,357) (15,907) - (35,264)
Disposals - - 979 - 979
Exchange rate adjustments - 1 (5) - (4)
Impairment and amortisation at 31 December - (30,458) (49,064) (204,585) (284,107)
Carrying amount at 31 December 7,308 50,799 134,148 117,262 309,517
2023
Cost at 1 January 15,525 22,117 182,886 321,847 542,375
Additions 22,121 5,781 - - 27,902
Disposals (5,477) (3,735) - - (9,212)
Transfer (25,002) 25,002 - - -
Exchange rate adjustments 1 - 20 - 21
Cost at 31 December 7,168 49,165 182,906 321,847 561,086
Impairment and amortisation at 1 January - (4,769) (18,017) - (22,786)
Amortisation - (10,068) (16,102) (204,585) (230,755)
Disposals - 3,735 - - 3,735
Exchange rate adjustments - - (12) - (12)
Impairment and amortisation at 31 December - (11,102) (34,131) (204,585) (249,818)
Carrying amount at 31 December 7,168 38,063 148,775 117,262 311,268
SECTION 3
Assets and
liabilities
Note 3.1 Intangible assets 53
Note 3.2 Impairment test 55
Note 3.3 Property, plant and equipment 57
Note 3.4 Right-of-use assets 58
Note 3.5 Partially owned subsidiaries 59
Note 3.6 Investments in joint ventures
and associates 60
Note 3.7 Other investments 63
Note 3.8 Other non-current receivables 63
Note 3.9 Receivables 64
Note 3.10 Share base compensation 64
Note 3.11 Share capital 66
Note 3.12 Provision 67
Note 3.13 Other payables 68
Urban Partners | Annual Report 202453
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Consolidated financial statements
3.1 Intangible assets (continued)
Development projects in progress with carrying value of DKK 7.3 million (2023: DKK 7.2 million) holds capital-
ised costs related to software. The development projects are mainly related to strengthening data integration
and improving IT support across the business. Other Intangible assets of DKK 134.1 million (2023: DKK 148.8
million) consists mainly of customer relationships and brand.
The carrying value of DKK 251.4 million (2023: DKK 266.0 million) in intangible assets (goodwill and other intan-
gibles) is mainly related to the acquisition of Flins Capital Partners GmbH and the Oak Group of companies where
Urban Partners acquired control in 2022 (now described as Velo under Urban Partners ownership).
The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might
be impaired. See note 3.2 for impairment test.
§
Accounting policy
Development projects in progress
Development projects in progress are recognized when the projects are clearly defined and identifiable, for which
the technical feasibility, adequacy of resources and a potential future market or internal utilization can be demon-
strated, and where it is intended to use the asset. Costs, which are directly related to the development stage of
the development projects, including design, programming, installation and testing, are recognised as intangible
assets, whereas cost incurred during the research phase are expenses through the income statement.
The cost consist mainly of consultants cost that are directly attributable to the project not yet completed, and
recognised from the time at which the development project first qualifies for recognition as an asset.
Development projects in progress are not subject to amortisation but are tested for impairment at least once a
year.
Software
Additions under software relates to acquired technology or costs of developed software transferred from devel-
opment projects in progress. The transfer is performed when the developed project is final and ready for its
intended use.
Useful lives of developed software are amortised on a straight-line basis over their estimated useful lives:
Software: 3-5 years
The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the
effect of any changes in estimate being accounted for on a prospective basis
Other intangibles assets
Other intangible assets acquired in a business combination consists of customer relationships and brand. Intan-
gible assets acquired in a business combination are recognised separately from goodwill and are initially recog-
nised at their fair value at the acquisition date (which is regarded as their cost). Subsequently to initial recogni-
tion, acquired intangible assets acquired are reported at cost less accumulated amortisation and accumulated
impairment losses.
Useful lives of other intangible assets are amortised on a straight-line basis over their estimated useful lives:
Brand: 2 years
Customer relationships: 12 years
Goodwill
On initial recognition, goodwill is recognised and measured as the difference between the total of the fair
value of the consideration transferred, the value of non-controlling interests and fair value of previously equity
interest, compared to the fair value of the acquired identifiable assets, liabilities and contingent liabilities
adjusted for deferred tax.
As from the acquisition date, goodwill acquired in a business combination is allocated to each cash- generating
unit (CGU) or group of cash-generating units of which the Group expects to benefit from the synergies of the
combination. The determination of CGUs complies with the management structure and management accounting
and reporting of the Group.
Goodwill is measured at cost less accumulated impairment losses. The useful lives of goodwill are indefinite and
not amortised but tested at least once a year for impairment. Goodwill derives from a business acquisition.
Urban Partners | Annual Report 202454
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Consolidated financial statements
3.2 Impairment test
Impairment test of Goodwill and CGU's
For the purpose of the impairment testing, goodwill and other intangibles acquired through business combina-
tions are allocated to each of the Group’s cash generating units (CGU). A cash-generating unit to which goodwill
and other intangible assets has been allocated is tested for impairment annually, or more frequently if there is
any indication that the unit may be impaired. The determination of the recoverable amount of a CGU to which
goodwill is allocated requires significant Management judgement in determining the various assumptions, such
as cash flow projections, discount rate and terminal growth rates. The sensitivity of the estimated measurement
of these assumptions, combined or individually, can be significant. The value-in-use calculations are based on
the management approved budget for 2025 and forecast for 2026-2029 with a calculated terminal value there-
after. The cashflows applied in the forecast period reflects Management’s best estimate of future cash flows
from Management fees and other cash inflows from the business acquired, which also includes the assumption
of continued expansion and investments in new Funds as planned as part of the acquisition. The cash outflows
reflect the best estimate of costs of operating the business acquired including the cost supporting the contem-
plated growth.
Cash flows beyond the five-year forecast period are expected to grow with the rate stated below. The long-term
growth rate is in line with expected future inflation.
In calculating the present value, the discount rate applied reflects the risk-free interest rate with the addition of
risks relating to the CGU, such as the market and financial exposures.
Key assumptions affecting the future cash flows of the CGU is as follows:
• Investment Management Fees from the launch of new Funds Velo 2 (previously AF IV), VMC (previously AF V),
AF VI and AF VII are included in the impairment test. Fund raising of capital is in alignment with management’s
expectations for the period 2025 to 2029
• Long-term growth-rate: 2% (2023: 2%)
• WACC post tax 15.4% which reflect specific risks of the CGU (2023: 13.5%)
Key assumptions for the impairment test are determined based on Managements’ views incorporating their
respective knowledge, market insights and future expectations. The views are developed and supported by
market information obtained through relevant research and direct correspondence with market participants.
The tests performed at the end of 2024 showed the recoverable amounts were higher than the carrying amounts
and therefore no impairment was recognised (2023: DKK 204.6 millions impairment provision). The calculation
of enterprise value is based on a number of assumptions containing significant estimations which by nature
creates uncertainty. To ensure that substantial changes in the assumptions will not affect the recoverable amount
in such way that an impairment is required a sensitivity analysis has been prepared. The analysis showed if the
WACC is increased by 1 %, the recoverable amount would exceed the carrying amount and not require an impair-
ment.
Sensitivity
The calculation of enterprise value is based on a number of assumptions containing significant estimations which
by nature creates uncertainty. To ensure that substantial changes in the assumptions will not affect the recover-
able amount in such way that a larger impairment is required a sensitivity analysis was prepared.
The sensitivity analysis was performed with the same terminal growth rate and a change of +/-1% in WACC, as
these are significant inputs in the calculation of the recoverable amount.
tDKK WACC Movement
Applied WACC 15.4%
Change -1% pp 14.4% 25,499
Change +1% pp 16.4% (21,795)
Urban Partners | Annual Report 202455
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Consolidated financial statements
3.2 Impairment test (continued)
§
Accounting policy
Software, development projects and other intangibles assets are reviewed annual for indication of impairment.
Likewise, Goodwill is impairment tested at least annually and when circumstances indicate that the carrying
amount may be impaired.
The carrying amount of goodwill is tested for impairment together with the other non-current assets in the
cash-generating unit (CGU) to which goodwill is allocated and written down to the recoverable amount over the
income statement if the carrying amount is higher. The recoverable amount is generally computed as the present
value of the expected future net cash flows (value in use) from the business or activity (cash-generating unit) to
which goodwill is allocated.
For CGUs, the write-down for impairment is allocated so that goodwill is written down first, and then any
remaining impairment loss is allocated on the other assets of the unit, however, the individual asset may not be
written down to an amount below its fair value net of any expected selling costs.
Impairment of goodwill is not reversed. Impairment of other assets is reversed in the event of changes having
taken place in the conditions and estimates on which the impairment calculation was based. Impairment is only
reversed if the new carrying amount of the asset does not exceed the carrying amount that would have applied
after amortization if the asset had not been impaired.
Impairment losses are recognised in the income statement.
!
Significant accounting estimates
The determination of the recoverable amount of a CGU to which goodwill and other intangibles are allocated
requires significant management judgements in determining the various assumptions, such as cash flow projec-
tions, discount rate and terminal growth rate.
The sensitivity of the estimated measurement of these assumptions, combined or individually, can be signifi-
cant. As a declining growth rate and reduced operating margin would result in a lower recoverable amount. The
reverse applies if the calculation of the recoverable amount is based on a higher growth rate or margin. Further,
were future cash flows to be discounted at a higher rate of interest, the recoverable amount would be lower.
Conversely, the recoverable amount would be higher with a lower discount rate.
The use of different estimates or assumptions when determining the fair value of such assets may result in
different values and could result in impairment in future periods.
The cash flows are derived from the budget for the next five years and do not include restructuring activities
that the Group is not yet committed to or significant future investments that will enhance the performance of the
assets of the CGU being tested.
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Consolidated financial statements
3.3 Property, plant and equipment
tDKK Buildings
Other fixtures and
fittings, tools and
equipments
Leasehold
improvements Total
2024
Cost at 1 January 551 34,086 11,410 46,047
Additions - 8,155 1,337 9,492
Disposals (551) - - (551)
Exchange rate adjustments - (217) 81 (136)
Cost at 31 December - 42,024 12,828 54,852
Depreciation at 1 January (176) (17,482) (6,678) (24,336)
Disposals 176 - - 176
Depreciations - (9,297) (1,893) (11,190)
Exchange rate adjustments - 120 (9) 111
Depreciation at 31 December - (26,659) (8,580) (35,239)
Carrying amount at 31 December - 15,365 4,248 19,613
2023
Cost at 1 January 1,800 29,760 10,665 42,225
Additions - 5,016 699 5,715
Disposals (1,250) (624) - (1,874)
Exchange rate adjustments 1 (66) 46 (19)
Cost at 31 December 551 34,086 11,410 46,047
Depreciation at 1 January (188) (10,211) (4,344) (14,743)
Disposals 106 528 - 634
Depreciations (94) (7,740) (2,326) (10,160)
Exchange rate adjustments - (58) (8) (66)
Depreciation at 31 December (176) (17,482) (6,678) (24,335)
Carrying amount at 31 December 375 16,604 4,733 21,712
§
Accounting policy
Property, plant and equipment are measured at cost less accumulated deprecia-
tion and less any accumulated impairment losses.
Cost comprises of the cost of acquisition and expenses directly related to the
acquisition up until the time when the asset is ready for use. Interest expenses on
loans raised directly for financing the construction of property, plant and equip-
ment are recognised in the cost over the period of construction.
The basis of depreciation is cost less estimated residual value after the end of
useful life. Straight-line depreciation is made on the basis of the estimated useful
lives of the assets:
Buildings 50 years
Other fixtures and fittings, tools, and equipment 3-5 years
Leasehold improvements 20 years
Depreciation methods, useful lives and residual value are reassessed annually.
Urban Partners | Annual Report 202457
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Consolidated financial statements
The Group's leases relates to office premises, cars and other equipments.
The leases of office spaces has a binding period of 3-10 years. The non-cancellable lease period for cars and
other equipments is typically 3 years.
Amounts recognised in the cash flow statement, relating to leases:
tDKK 2024 2023
Total cash outflow for leases 32,399 37,367
Amounts recognised in the income statement, relating to leases:
tDKK 2024 2023
Interest expenses on lease liabilities 3,691 2,869
Depreciation on right-of-use assets 30,320 36,331
Short-term leases 403 13
Low value assets leases 356 319
Total 34,770 39,532
3.4 Right-of-use assets
Amounts recognised in the statement of financial position
tDKK Buildings
Cars and other
equipments Total
2024
Cost at 1 January 174,096 2,375 176,471
Additions 64,391 223 64,614
Disposals (40,844) (347) (41,191)
Exchange differences (1,910) (31) (1,941)
Cost at 31 December 195,733 2,220 197,953
Depreciation at 1 January (90,885) (1,436) (92,321)
Depreciation (29,807) (513) (30,320)
Disposals 22,129 154 22,283
Exchange differences 1,030 6 1,036
Depreciation at 31 December (97,533) (1,789) (99,322)
Carrying amount at 31 December 2024 98,200 431 98,631
2023
Cost at 1 January 126,199 1,534 127,733
Additions 71,154 1,089 72,243
Disposals (23,441) (252) (23,693)
Exchange differences 184 4 188
Cost at 31 December 174,096 2,375 176,471
Depreciation at 1 January (61,976) (1,043) (63,019)
Depreciation (35,778) (553) (36,331)
Amendments (2,127) 13 (2,114)
Disposals 9,103 225 9,328
Exchange differences (107) (78) (185)
Depreciation at 31 December (90,885) (1,436) (92,321)
Carrying amount at 31 December 83,211 939 84,150
Urban Partners | Annual Report 202458
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Consolidated financial statements
3.4 Right-of-use assets (continued)
§
Accounting policy
Rental and leasing costs are recognised at the present value of the future lease payments, as well as a corre-
sponding lease asset. Leases are recognised from the commencement date, i.e. the date of signing the contract.
The present value of the future lease payments is typically calculated by applying an alternative borrowing rate
based on the group’s financing structure. The future lease payments are based on an assessment of the expected
term of the lease. The term of the lease is determined as the non-cancellable period agreed plus any optional
extensions, where it is deemed to be reasonably certain such options will be exercised.
Depreciation according to plan is based on the original acquisition value less the estimated residual value.
Right-of-use assets are depreciated on a straight-line basis over the shorter of the expected length of the
contract or the expected useful life of the assets:
Buildings: 3-10 years
Cars and other equipments: 3 years
3.5 Partially owned subsidiaries
Proportion of equity interest held by non-controlling interests:
tDKK 2024 2023
Accumulated balances of non-controlling interest
NREP InvestCo 65 AB 8,757 7,335
Profit allocated to non-controlling interest
NREP InvestCo 65 AB 2,110 5,637
tDKK 2024 2023
NREP InvestCo 65 AB, ownership Stockholm, Sweden 62.1% 62.1%
Summarised statement of profit or loss
Carried interest 5,640 14,895
Administrative & other expenses (15) (20)
Net finance cost (60) (5)
Profit before tax 5,565 14,870
Income tax - -
Net profit 5,565 14,870
Attributable to non-controlling interests 2,110 5,637
Dividends paid to non-controlling interests 650 14,012
Summarised statement of financial position
Total assets 23,100 19,350
Non-current interest-bearing loans and borrowings 14 17
Total equity 23,086 19,333
Equity attributable to:
Shareholders 14,334 12,004
Non-controlling interest 8,752 7,329
Urban Partners | Annual Report 202459
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Consolidated financial statements
3.6 Investments in joint ventures and associates
Joint ventures Associates
tDKK 2024 2023 2024 2023
Cost at 1 January 20,875 16,625 38,429 28,593
Restatement opening - - - 9,403
Exchange rate adjustments - - (892) (94)
Additions - 4,250 403 185
Disposal - - (580) (428)
Transfers - - (4,109) (170)
Other adjustment - - 13 940
Cost at 31 December 20,875 20,875 33,264 38,429
Value adjustments at 1 January (18,761) (14,898) 27,605 106,359
Restatement opening - - - 227
Exchange adjustment - - 821 237
Share of result Urban Partners managed
funds net of payments - - 9,333 8,449
Net profit/loss for the year 52 (3,863) 1,007 (1,118)
Dividend to the Parent Company - - (4,269) (68,049)
Other adjustments - - (4,856) 577
Transfer - - (3,821) -
Disposals of non-controlling - - - (19,077)
Value adjustments at 31 December (18,709) (18,761) 25,820 27,605
Carrying amount at 31 December 2,166 2,114 59,084 66,034
Carrying amount for associates includes carried interest from funds of DKK 49.5 million for 2024 (2023: DKK 44.5
million)
Aggregated information on joint ventures and associates (100% figures)
Joint ventures Associates
tDKK 2024 2023 2024 2023
Revenue 18,603 75,559 54 11
Profit (loss) after tax (1,832) ( 7,114) 15,804 57,855
Non-current assets 3,364 36,149 30,211 38,484
Current assets 14,679 54,817 4,976 8,058
Equity 2,334 4,228 28,997 40,403
Carried interest* - - 386,907 334,776
Carrying amount 2,334 4,228 415,904 375,179
Includes entity with negative equity which is accounted for in the group with zero value.
*Share of carried interest from funds owned by associates (where Urban Partners Group share is DKK 49.5 million
for 2024 (2023: DKK 44.5 million)
Urban Partners | Annual Report 202460
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Consolidated financial statements
3.6 Investments in joint ventures and associates (continued)
Name Location Share capital Votes and ownership
2024 2023 2024 2023
Joint ventures
NREP-TF ApS Denmark DKK 60,002 DKK 60,002 50% 50%
Plushusene Management ApS Denmark DKK 1,700,000 DKK 1,700,000 50% 50%
Associates
Komplementarselskabet
NREP Co-Investment Nordhavn ApS
Denmark DKK 60,000 DKK 60,000 48% 48%
NREP Co-Investment Nordhavn K/S Denmark DKK 12,000,000 DKK 12,000,000 48% 48%
Ejendomsselskabet Hellebro A/S Denmark DKK 17,500,000 DKK 17,500,000 10% 20%
2150 Invest K/S Denmark DKK 148,861 DKK 148,861 28% 25%
2150 Home Decarb K/S Denmark DKK 82,168 DKK 100 33% 0%
NREP NSF V Investment K/S Denmark DKK 745,840 DKK 745,840 22% 0%
NREP NSF III InvestCo 94 AS Norway NOK 38,541 NOK 35,548 29% 29%
NREP InvestCo 44 AS Norway NOK 107,096 NOK 99,425 22% 22%
NREP Invest Co 14 AB Sweden EUR 6,500 EUR 6,500 0% 36%
NREP Invest Co 15 AB Sweden EUR 6,500 EUR 6,500 23% 40%
NREP InvestCo 28 AB Sweden SEK 50,000 SEK 50,000 0% 32%
NREP InvestCo 31 AB Sweden SEK 50,000 SEK 50,000 0% 25%
NREP InvestCo 63 AB Sweden EUR 6,500 EUR 6,500 30% 30%
NREP NSF II Investco 95 AB Sweden EUR 17,333 EUR 17,333 23% 33%
NREP NSF III InvestCo 84 AB Sweden EUR 6,500 EUR 6,500 0% 25%
NREP NSF IV Investment S.a.r.l Luxembourg EUR 28,500 EUR 28,500 42% 42%
NREP NSF V Investment S.a.r.l Luxembourg EUR 71,387 EUR 71,387 49% 0%
§
Accounting policy
Equity investments in associates comprise ownership interests in enti-
ties in which the Group exercises significant influence. Joint ventures
are enterprises in which the Group has shared joint control through
collaborative agreements with one or more parties. Joint control is the
contractually agreed sharing of control of an arrangement, which exists
only when decisions about the relevant activities require the unanimous
consent of the parties sharing control.
Investments in joint ventures and associates are recognised and meas-
ured under the equity method. The item ‘Investments in joint ventures’
and 'Investments in associates" in the balance sheet includes the
proportionate ownership share of the net asset value of the enterprises
calculated on the basis of the fair values of identifiable net assets at the
time of acquisition with the deduction or addition of unrealized intercom-
pany profits or losses and with the addition of the remaining value of any
increases in value and goodwill. Joint ventures and associates with a
negative net asset value are recognised at DKK 0. If the Group has a legal
or constructive obligation to cover a deficit in the joint venture, the deficit
is recognised under provisions.
Urban Partners | Annual Report 202461
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Consolidated financial statements
3.6 Investments in joint ventures and associates (continued)
Name Location Share capital Votes and ownership
2024 2023 2024 2023
NREP Investment OY Finland DKK 0 DKK 0 50% 50%
NREP Invest Co 7 AB Sweden EUR 6,000 EUR 6,000 24% 24%
NREP Invest Co 15A AB Sweden EUR 6,500 EUR 6,500 16% 16%
NREP Invest Co 36 AB Sweden EUR 7, 466 EUR 7,466 15% 15%
NREP Investco 35 AB Sweden EUR 6,500 EUR 6,500 11% 11%
NREP InvestCo 59 AB Sweden EUR 6,500 EUR 6,500 5% 6%
NREP InvestCo 60 AB Sweden EUR 6,500 EUR 6,500 5% 5%
NREP InvestCo 50 AB Sweden EUR 6,500 EUR 6,500 4% 4%
NREP NSF IV Investment K/S Denmark DKK 331,302 DKK 331,302 3% 2%
NREP NSF V Investment AB Sweden EUR 6,500 EUR 6,500 9% 0%
NREP NSF IV Investment AB Sweden EUR 17,500 EUR 17,50 0 3% 2%
NREP NSF III InvestCo 96 AB Sweden EUR 6,500 EUR 6,500 5% 4%
NREP InvestCo 48 AB Sweden EUR 7,284 EUR 7,284 11% 5%
NREP Investco 49 AB Sweden EUR 6,697 EUR 6,697 7% 7%
NREP NSF III InvestCo 77 AB Sweden EUR 6,500 EUR 6,500 6% 6%
NREP NSF III InvestCo 76 AB Sweden EUR 6,500 EUR 6,500 3% 0%
!
Significant accounting estimates and judgement
Judgements: The Group holds the right to carried interest from certain
funds through ownership of entities that owns part of the funds carried
interest. The Group is involved in setting up the structures for carried
interest and therefore it is the judgement that the Group has significant
influence over these entities from an accounting perspective. Investment
in entities that holds the right to carried interest is accounted for using
the equity method and the the financial statement of the entities is recog-
nised and measured under the service model resulting in the Groups
proportion of the carried interest being accounted for as investment in
associates. In the income statement the proportional share of the Group
interest in associates with carried interest is presented as part of EBIT. In
the balance sheet the entities are presented as an associate regardless of
the actual ownership interest as the Group is considered to have signifi-
cant influence accounting wise.
Estimates: Carried interest is recognised according to IFRS 15 Revenue
from Contracts with customers (IFRS 15) and only to the extent it is highly
probable that there would not be a significant reversal of accumulated
income recognised on the completion of the funds where the carried
interest is generated. This is achieved through applying discounts to
unrealised investment valuations across each fund. This discount is
applied solely for the purposes of calculating unrealised gains to assess
whether carried interest should be recognised under IFRS 15. The
percentage discount applied varies by investment strategy and by refer-
ence to the expected remaining holding period of the relevant funds port-
folio. If adjustments to carried interest recognised in previous periods are
required they are adjusted through the income statement.
Recognition of carried interest typically starts around 3 to 4 years after
the fund is launched, based on an assessment of the probability of
reversal of the income recognised. After this period carried interest is
typically recognised by applying discounts of 50% and the discount will
be reduced as realisation of the funds portfolios draws closer.
Urban Partners | Annual Report 202462
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Consolidated financial statements
3.7 Other investments
tDKK 2024 2023
Cost at 1 January 151,073 132,788
Restatement opening - (9,403)
Exchange adjustment (2,660) 331
Additions 28,968 27,363
Disposals (4,433) (6)
Transfer 7,948 -
Cost at 31 December 180,896 151,073
Value adjustments at 1 January (17,383) 185,023
Restatement opening - (189,529)
Exchange adjustment 419 (200)
Fair value adjustment other 1,003 (7,282)
Distributions (3,584) (3,845)
Disposals 2,113 -
Other adjustments - (1,550)
Value adjustments at at 31 December (17,4 32) (17,383)
Carrying amount at 31 December 163,464 133,690
§
Accounting policy
Other investments are presented at fair value through the income statement. The profit or loss arising from the
fair valuation calculation are presented in financial income in the income statement.
A financial asset is primarily derecognised when:
• The rights to receive cash flows from the asset have expired or
• The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay
the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and
either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has
neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control
of the asset.
3.8 Other non-current receivables
tDKK 2024 2023
Loans to associated companies 20,170 46,320
Other loans 121,356 42,066
Deposits 3,554 3,251
Total 145,080 91,637
§
Accounting policy
Financial assets where the Group intends to collect the contractual cash flow are classified and measured at amor-
tised cost. The other non-current receivables consist of the long-term loans, rent deposit, and other non-current
financial assets.
Urban Partners | Annual Report 202463
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Consolidated financial statements
3.9 Receivables
tDKK 2024 2023
Trade receivables 98,753 112,542
Current receivables
Accrued income 53,310 81,101
Tax receivable 11,381 3,569
Cost to be reinvoiced 7,157 13,178
Vat receivables 3,865 2,614
Other current receivables 16,149 132,329
Receivables from related parties 920 1,200
Total receivables 92,782 233,991
Trade receivables
Allocation of net trade receivables by maturity period are as follows:
tDKK 2024 2023
Up to 30 days 69,160 30,602
Between 31 and 90 days 4,883 59,627
Between 91 and 365 days 24,710 22,313
Net receivables at 31 December 98,753 112,542
Trade receivables are primarily related to asset management fees charged from Urban Partners to fund assets
and fund limited partners.
§
Accounting policy
Receivables are measured at amortised cost, deducted by write-down for lifetime expected credit losses.
Expected credit losses are based on a provision matrix, considering the Group’s historic credit losses combined
with forward looking information that is expected to affect the loss rates.
As the Group has no history nor specific expectations of material issues on the recoverability of receivables, and
due to the reliable substance in the agreements for receivables, the expected credit loss on management fee and
service corporate fee is considered immaterial.
Receivables are written off when they are assessed as uncollectible.
3.10 Share base compensation
As per 31 December 2024, the Group has one outstanding share-based incentive plan.
Description of the plan
At the general assembly 20th of June 2024, Urban Partners has approved the implementation of an equity
settled warrant program for certain partners, board members and employees of the Urban Partners as well as
the issuance of 15,924,100 warrants. The warrants to which the participants subscribe do not carry a right to
vote, receive dividends or any other rights associated to a shareholder.
On 20th June 2024 15,924,100 warrants were granted. The key features of the warrants granted under the plan
are as follows:
• Most participant may subscribe a number of warrants free of charge and some against a cash payment of DKK
0,745 per warrant. The price of DKK 0.745 is assumed to be the fair value of the warrant at grant date
• Issued warrants vest 50% at time of grant and further in two equal tranches of 25%, being 1st January 2025
and 1st January 2026 (final date of vesting)
• If the participant exits Urban Partners prior to the dates of vesting, any unvested warrants will lapse without
further notice or compensation
• At exercise, each warrant may be converted into 1 share in Urban Partners A/S with a nominal value of DKK
0.01 against a cash payment of DKK 25.5726 per share, at the time of exercise.
• The warrants may be exercise in the period from 15th January to 31st January 2029.
15,924,100 warrants are still outstanding as of December 31, 2024.
Expired plans during the year
At the general assembly 10th of August 2020, Urban Partners approved the implementation of a warrant program
for certain partners and employees of the Urban Partners as well as the issuance of 18,076 warrants. The
warrants to which the participants subscribe do not carry a right to vote, receive dividends or any other rights
associated to a shareholder.
Urban Partners | Annual Report 202464
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Consolidated financial statements
The key features of the warrants granted under the plan are as follows:
• Each participant subscribed a number of warrants against a cash payment of DKK 88.61 per warrant. The price
of DKK 88.61 is assumed to be the fair value of the warrant at grant date
• Issued warrants vested equally in four tranches, being 1 January 2021, 1 January 2022, 1 January 2023 and 1
January 2024 (final date of vesting)
• At exercise, each warrant was converted into 1 share in Urban Partners with a nominal value of DKK 1 against a
cash payment of DKK 1,108, irrespectively of the time of vesting or exercise.
• The warrants may be exercise in a period of thirty days from the relevant date of vesting (1 January
2021/2022/2023/2024), although any unvested warrants shall be vested no later than three months from the
final date of vesting (1 January 2024). All warrants were exercised in 2024.
Accounting for Share-Based Payment
The warrants are issued in addition to the normal remuneration of the employee and constitute an incentive for
the partners, board members and employees to remain in the employment of Urban Partners. A direct meas-
urement of the services by the participants is measured at the fair value of the warrants granted. In 2024, some
partners and employees were granted warrants free of charge and some paid DKK 0.745 per warrant and this
value represents the fair value of the warrants at grant date.
The weighted average remaining contractual life for the warrants outstanding as of 31 December 2024 is 4 years
(1 years in 2023).
The weighted average fair value of warrants granted during the year was DKK 11,863,455 in 2024 and DKK 0 in
2023.
Movement during the year (in unit):
Number of
option
(in units)
Weighted
average
exercise price
in DKK per
warrant
Outstanding 1 January 2024 18,076 1,108
Granted during 2024 15,924,100 25.5726
Exercised during 2024 (18,076) (1,108)
Outstanding 31 December 2024 15,924,100 25.5726
No movements during 2023 - -
Outstanding 31 December 2023 18,076 1,108
Key Information
(DKK) Plan 2024
Number of shares granted 15,924,100
Weighted average fair values at the measurement date per warrant (DKK)* 0.745
Dividend yield 2.5%
Risk–free interest rate 2.4%
Expected life of share options/SARs (years) 4
Weighted average share price (€) 0.01
Exercise price 25.5726
Model used Black Scholes
Total cost for share based payments in the income statement was DKK 9.6 million in 2024 (tDKK 0 in 2023).
3.10 Share base compensation (continued)
Urban Partners | Annual Report 202465
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
Consolidated financial statements
§
Accounting policy
Warrants were issued to certain partners and employees of the Group. The warrants are equity-settled share-based
payment transactions as they may only be settled by shares in Urban Partners A/S. The costs related to the warrants
are recognised over the vesting period for the program. The participants must make certain payments for receiving
the warrants, which is assumed to equal the fair value of the issued warrants. The costs related to the warrant are
offset by the payments received from the participant, creating a nil impact on the consolidated statement of compre-
hensive income.
The fair value of the employee services received in exchange for the warrants is determined at the grant date.
3.10 Share base compensation (continued) 3.11 Share capital
Dividends
No dividend has been proposed by the Board of Directors for 2024 nor 2023.
Capital management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern
in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal
capital structure to reduce cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to share-
holders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group is an alterna-
tive investment fund manager (AIFM) through two of its legal entities NREP AB in Sweden and Urban Partners
Management Company S.A. in Luxembourg which are subject to supervision by the Swedish Financial Supervi-
sory Authority (SFSA) and the Financial Sector Supervisory Commission (CSSF) respectively. In 2024 the Swedish
license was terminated as the Group only need to have one active license, which is now in Luxembourg.
Share capital
Share capital is DKK 1.4 million with a nominel value of DKK 0.01. All shares are paid-up in full.
The shares are not divided into classes and each shares carries a vote. No shares carries any special rights or
restrictions.
Capital increase
In 2024 new shares was issued resulting in a capital increase of tDKK 18 (2023: tDKK 14).
tDKK 2024 2023
Share capital at 1 January 1,380 1,366
Capital increase 18 14
Share capital at 31 December 1,398 1,380
Urban Partners | Annual Report 202466
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Consolidated financial statements
3.11 Share capital (continued)
Number of shares outstanding
tDKK 2024 2023
Shares issued at 1 January 1,380 1,366
Shares issued during the year 18 14
Total number of shares 1,398 1,380
Holding of treasury shares (4) (55)
Total number of outstanding shares at 31 December 1,394 1,325
tDKK
Number of
shares
Transaction
price tDKK
% of issued
shares
Treasury shares at 1 January 2023 - - -
Purchase of treasury shares 59,659 192,717 4.3%
Sales of treasury shares (4,894) (14,571) (0.3%)
Treasury shares at 31 December 2023 54,765 178,146 4%
Sales of treasury shares (50,504) (140,971) (3.7%)
Treasury shares at 31 December 2024 4,261 37,175 0.3%
In 2023 Urban Partners A/S repurchased treasury shares of DKK 114.7 million from NREP Partner Holding ApS
and DKK 78.0 million from NREP Partners Investment ApS due to restructuring. Part of these treasury shares
were sold to BJHS Invest ApS at the amount of DKK 14.6 million.
In 2024 Urban Partners A/S sold treasury shares of DKK 141 million to Viessmann Generation Group GmbH & Co.
3.12 Provision
tDKK 2024 2023
Provision at 1 January 13,856 53,651
Provision for the year - 13,856
Used in the year (13,856) (53,651)
Provision at 31 December - 13,856
Provisions are presented as:
Non-current provision - 13,856
Provision in 2023 relates to restructuring that have been utilized in 2024. By the end of 2024 there are no provision.
§
Accounting policy
Provisions are recognised when the Group has a legal or constructive obligation as a result of events in the financial
year or in previous years, and it is probable that fulfilment of such obligation will result in drawing on the Group’s
financial resources, but where the liabilities are of uncertain timing or amount. Provisions are measured as the best
estimate of the expenditure required to settle the obligation on the balance sheet date. Provisions for obligations
expected to be settled later than one year from the date of the balance sheet are measured at present value.
Urban Partners | Annual Report 202467
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Consolidated financial statements
3.13 Other payables
tDKK 2024 2023
Prepayments 2,725 10,696
Other payables 380 3,512
VAT liabilities 20,369 13,910
Income tax payable 11,630 64
Employee liabilities 237,788 207,761
Fund related accruals 331,526 286,651
Deferred purchase price 12,652 205,549
Accrued expenses 57,7 73 112,197
Total payables 674,843 840,340
Classification by expected maturity
Within 1 year 662,215 828,190
More than 1 year 12,628 12,150
§
Accounting policy
Other payables are measured at amortised cost usually corresponding to the nominal amount.
Urban Partners | Annual Report 202468
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Consolidated financial statements
SECTION 4 CAPITAL STRUCTURE
4.1 Net interest-bearing debt
Payments due within 1 year are recognised in short-term debt. The debt falls due for payment as
specified below:
tDKK 2024 2023
Borrowings 288,560 288,397
Lease liabilities 71,495 62,810
Total non-current borrowings 360,055 351,207
Borrowings 71,503 20,273
Lease liabilities 28,560 24,522
Total current borrowings 100,063 44,795
Carrying amount at 31 December 460,118 396,002
SECTION 4
Capital
structure
The movement of financial liabilities are as follows:
Group
tDKK Beginning of year Cash flows Non-cash changes End of year
2024
Lease liabilities 87,332 (32,399) 45,122 100,055
Borrowings 308,670 51,229 163 360,062
Total 396,002 18,830 45,285 460,117
2023
Lease liabilities 65,907 (37,367) 58,792 87,332
Borrowings 202,456 106,130 84 308,670
Total 268,363 68,763 58,876 396,002
As of December 31, 2024, the Group has borrowing
facilities available. The undrawn borrowing facilities
available on 31 December 2024 amounted to DKK
78.8 million (2023: DKK 203.3 million). Uncommitted
bank borrowing facilities are normally reaffirmed by
the bank annually, although they can theoretically be
withdrawn at any time.
The working capital facility at the Group's bank is a
unsecured credit line, further external term loan facili-
ties are secured loan facilities.
Note 4.1 Net interest-bearing debt 69
Note 4.2 Financial risk management 70
Note 4.3 Financial instruments 72
Note 4.4 Non-cash items 74
Note 4.5 Working capital changes 74
Urban Partners | Annual Report 202469
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Consolidated financial statements
4.2 Financial risk management
The Group is subject to the following risks:
• Market risks
• Foreign exchange risks
• Interest rate risk
• Liquidity risk
• Credit risk
The Group regularly defines, monitors, and manages its external risks (including foreign exchange risk, credit
risk, investment risk, liquidity risk, reputation risk etc.) to align with the risk appetite of its stakeholders.
Market risks
Urban Partners A/S(“UP”) manage and advise investment funds, either directly or through its subsidiaries,
investing in Real Estate, Private Debt and Venture Capital strategies, where valuations and returns may vary over
time which can impact promote revenues and therefore the Group’s profitability.
Promote revenues received may, conversely, be materially impacted by market performance and carry a high
degree of Market Risk. For this reason, UP management is focused on planning its management fee profitability
and its associated low level of volatility. UP only recognises promote revenues when such income is deemed to
be highly likely to be incurred (by waiting until later into any Fund lifecycle before recognising a haircut level of
calculated promote) fund-raising minimise the volatility of such income streams."
The valuation of Urban Partners’ co-investments in Urban Partners managed funds are inherently linked to the
valuation of real estate properties (Nrep), Venture Capital (2150) and credit investments (Velo). The value of such
investments is subject to market conditions and is estimated with some degree of uncertainty. All real estate
properties are independently valued at least every 6 months and all investment strategies are subject to quar-
terly valuation processes by a regulated entity to assess the holding value of its investments.
Foreign exchange risks
The Group primarily receives management fees in EUR, whereas the Group's expenses are distributed on DKK,
SEK, NOK, EUR, GBP and PLN. The most important exchange rates in relation to risk exposure are SEK, NOK, PLN
and GBP. EUR is a currency with large exposure, but the risk is deemed limited, due to DKK being pegged to EUR.
The Group policy related to foreign exchange risks is not to use hedging instruments as the main part is covered
for operating purposes by matching income and expenses in the same currency.
The following table shows the impact on the Group's net profit in the event of a 10% fluctuation in the main
currencies. The fluctuation of 10% constitutes the Management’s assessment of a realistic exchange rate devel-
opment within the main currencies. A similar fall in the exchange rate would have had the opposite effect.
The financial instruments comprised by the sensitivity analysis include trade receivables, cash, payables, trade
payables and intercompany balances. The sensitivity analysis does not take into consideration any translation
effect from functional currency to presentation currency.
tDKK
Possible
change in
exchange rate
(+/-)
Hypothetical
change in
profit/loss
Hypothetical
change in
equity
2024
SEK/DKK 10% (1,117) 14,176
NOK/DKK 10% 110 400
PLN/DKK 10% 822 657
GBP/DKK 10% (450) 1,763
2023
SEK/DKK 10% 4,923 14,072
NOK/DKK 10% (100) 562
PLN/DKK 10% 506 614
GBP/DKK 10% 991 1,353
Urban Partners | Annual Report 202470
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Consolidated financial statements
4.2 Financial risk management (continued)
Interest rate risk
The interest rate risk of Urban Partners A/S and its affiliates consists mainly of external financing, which is split
between floating and fixed rate instruments. On the reporting date the floating rate interest-bearing liabilities
amounted to DKK 184.2 million and fixed rate interest-bearing liabilities to DKK 175.8 million.
A increase of 1 percentage point in interest rates will lead to an increase in the Group’s interest costs of DKK 1.8
million a year. (2023: DKK 1.3 million), calculated as 1% of net interest-bearing debt with floating interest rates.
Liquidity risk
The Group manages its liquidity risk by monitoring the changes in working capital and by ensuring adequate
funding. Top management consider adequate funding to be sufficient and suitable when the needs and opera-
tional goals of the Group is covered financial for the next 12 months. Furthermore, top management also takes
into consideration the future prospects of potential refinancing in order to ensure the organization's sustained
financial stability and long-term viability. Based on the Group's cash management principle, the Group's cash is
accumulated in dedicated bank accounts. Risk analysis and designing of risk management plans are conducted
at the top management level. The Group's liquidity risk policy is based on a conservative approach, whose main
objective is to secure the safeguarding of the cash flows generated from the operations to ensure sufficient
liquidity enabling timely settlement of the liabilities undertaken.
At 31 December 2024 the Group has a committed undrawn borrowing facility of DKK 78.8 million (2023: DKK
203.3 million) that may be available for future operating activities and to settle capital commitments. The table
below analyses the financial liabilities into relevant maturity groupings based on the remaining period at the
balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual
undiscounted cash flows.
Contractual cash flows
tDKK
Less than
1 year
Between
1 and 5 year
More than
5 years Total
Carrying
amount
2024
Leases 32,772 65,953 14,454 113,179 100,056
Borrowings 95,885 315,329 - 411,214 360,062
Other payables 662,215 12,628 - 674,843 674,843
Trade payables 33,194 - - 33,194 33,194
Total 824,066 393,910 14,454 1,232,430 1,168,155
2023
Leases 28,014 65,636 1,538 95,188 87,332
Borrowings 45,447 339,507 - 384,954 308,670
Other payables 828,190 12,150 - 840,340 840,340
Trade payables 47,214 - - 47,214 47, 214
Total 948,865 417,293 1,538 1,367,696 1,283,556
Credit risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by
failing to discharge an obligation. The Group has no significant concentrations of credit risk.
Credit risk arises from cash and cash equivalents held at banks, trade receivables and other receivables. Credit
risk is managed from a Group basis. The Group does not monitor the credit quality of trade and other receivables
on an ongoing basis. Cash balances are held only with financial institutions with a Moody’s or Fitch credit rating of
Aa3 or above, except in cases where amounts are immaterial.
The Group monitors credit risk of any financial counterparty on an annual basis and performs initial financial due
diligence.
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Consolidated financial statements
4.2 Financial risk management (continued)
The Group’s maximum exposure to credit risk by class of financial asset is as follows:
tDKK 2024 2023
Trade receivables 98,753 112,542
Other receivables 92,782 230,422
Other non-current receivables 145,080 91,637
Cash and cash Equivalents 328,452 295,112
Part of Cash and Cash Equivalents is restricted due to AIFM capital requirements in Luxembourg amounting to
DKK 19.5 million (2023: DKK 15.6 million).
Cash and cash equivalents and deposits were placed with financial institutions whose ratings are as follows:
tDKK 2024 2023
Financial Institution Rating Agency Rating
BBH * Fitch A+ 40,552 80,670
Danske Bank Moody's A+ 142,761 39,173
Nordea Bank Moody's AA- 3,509 6,156
RBSI Moody's A 67,016 83,843
Commerzbank Moody's A 9,886 20,404
ING Moody's AA- 64,045 60,192
Nykredit Moody's A+ 682 1,291
Other banks Moody's/Fitch - - 3,383
Total cash and Cash Equivalents 328,451 295,112
* Acting as an intermediary for HSBC, Nordea Bank Denmark, and Nordea Bank Norway
The ratings for financial institutions with which the Group does business in multiple countries are the same for all
locations of that institution.
Further details on the Group’s credit risk and the related expected credit loss for trade receivables are included
in note 3.10.
4.3 Financial instruments
tDKK 2024 2023
Loans and receivables at amortised cost
Trade receivables 98,753 112,542
Other current and non-current receivables 237,862 322,059
Cash and cash equivalents 328,452 295,113
Financial assets at fair value through profit/loss
Other non-current investments 163,464 133,690
Financial assets 828,530 863,404
Financial liabilities carried at amortised cost
Other payables 674,843 840,340
Borrowings 360,063 308,670
Trade payables 33,194 47,214
Provisions - 13,856
Financial liabilities 1,068,100 1,210,080
The other non-current investments and the carried interest portion of the associates are measured at fair value
through the consolidated statement of comprehensive income. whereas the rest of the financial assets are meas-
ured at amortised cost, including trade receivables, other receivables, cash, etc. Financial liabilities, including
debt portfolio, trade payables and other payables, are measured at amortised cost.
Fair value
The Group measures the fair value of its financial assets and financial liabilities using a fair value hierarchy. A
financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is
significant to the fair value measurement. Three levels of inputs may be used to measure fair value. The different
levels of the fair value hierarchy are defined as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: Inputs other than quoted prices included within Level 1 that are observables for the asset or liability,
either directly or indirectly; and
Level 3: Unobservable inputs for the asset or liability
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Consolidated financial statements
4.3 Financial instruments (continued)
tDKK
Quoted prices
(Level 1)
Significant other
observable
inputs
(Level 2)
Significant
un-observable
inputs
(Level 3) Total
Deferred purchase price - - (12,652) (12,652)
Other investments - - 163,464 163,464
Carrying amount
31 December 2024 - - 150,812 150,812
Deferred purchase price - - (205,549) (205,549)
Other investments - - 133,690 133,690
Carrying amount
31 December 2023 - - (71,859) (71,859)
Deferred purchase price is related to the business acquisition in 2022. The fair value is calculated based on a
WACC 4.057% per anno. This is based on CIBOR 6 month with addition of risk premium.
The following table presents the change in level 3 items for the years ended 31 December 2024 and 31
December 2023:
tDKK 2024 2023
Opening at 1 January (71,859) 74,600
Restatement opening - (198,932)
Additions from investments related to Group managed funds 28,967 27,363
Disposals from investments related to Group managed funds (2,320) (6)
Other adjustments from investments related to Group managed funds 5,708 (1,419)
Income from investments in other investments 1,003 (7,282)
Distributions from investments in associates related to
Group managed funds (3,584) (3,845)
Payment of purchase price 195,954 -
Reversal of contingent consideration of purchase price (3,057) 37,662
Closing balance 31 December 150,812 (71,859)
Deferred purchase price
The fair value is calculated using discounted cash flow model.
Other investments
Other investments mainly consists of co-investments in Urban Partners managed funds. Fair value of Urban Part-
ners A/S Groups financial investment in Urban Partners managed funds are based on the net asset value after
taking all assets and deducting all liabilities and provisions. Further details on the Group’s valuation of Urban
Partners managed funds are included in note 4.2.
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Consolidated financial statements
§
Accounting policy
Fair value is defined as the amount that would be received by selling an asset or would be paid to transfer a
liability, respectively, in an orderly transaction between market participants.
At initial recognition, the group measures a financial asset or financial liability at its fair value. Transaction costs
of financial assets carried at FVTPL are expensed in income statement.
Fair value is based on the primary market. If no primary market exists, fair value will be based on the most advan-
tageous market, defined as the market that maximises the price of the asset or liability less transaction and
transport costs.
To the extent that observable information is not available or cannot be used without material modifications, a
generally accepted valuation methods based on all other inputs (level 3).
A gain or loss on the item that is subsequently measured at FVTPL is recognised in income statement and
presented in the period in which it arises.
4.3 Financial instruments (continued) 4.4 Non-cash items
tDKK 2024 2023
Depreciation, amortisation and impairment 76,774 275,592
Tax on profit/loss for the year 2,056 (21,768)
Warrants 9,942 -
Deferred tax assets - other movements (3,565) 3,565
Non-cash items at 31 December 85,207 257,389
4.5 Working capital changes
tDKK 2024 2023
Change in other non current receivables (53,444) 134,119
Change in receivables and other receivables 155,000 (27,593)
Change in other current financial assets 894 (4,108)
Change in trade payables and other payables 15,958 4 37,845
Change in non-current other payables 478 (309,262)
Change in provision (13,856) (39,795)
Working capital changes at 31 December 105,030 191,206
Urban Partners | Annual Report 202474
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Consolidated financial statements
SECTION 5 OTHER DISCLOSURES
5.1 Contingent assets, liabilities and other financial obligations
The Group has entered into binding commitments to invest further EUR 1.95 million (2023 : EUR 3.30 million)
into 2150 Urban Tech Sustainability Fund I SCSp and 2.53 million (2023: EUR 3.16 million) into 2150 Urban Tech
Sustainability Fund II SCSp, EUR 0.16 million (2023: EUR 0) into AF III SCSp and EUR 3.75 million (2023: EUR 0)
into Velo Mezzavine Credit Fund SCSp.
The Group has issued guarantees for a total of DKK 4.2 million (2023: DKK 1.5 million).
The Group companies are jointly and separately liable for tax on the jointly taxed incomes etc of the Group. The
total amount of corporation tax payable is disclosed in the note 2.4. Urban Partners A/S is the management
company of the joint taxation purposes for the Danish joint taxation. Moreover, the Danish entities are jointly and
severally liable for Danish withholding taxes by way of dividend tax and tax on unearned income. Any subsequent
adjustments of corporation taxes and withholding taxes may increase the Parent’s liability.
5.2 Related parties
Related parties comprise Urban Partner A/S’ Board of Directors and Executive Management, their close family
members and companies in which these persons have significant influence.
During the year, the Group was not involved in any transactions with the shareholder, members of the Board of
Directors, members of the Executive Management or companies outside the Group in which these parties have
significant influence, except for the payment of the Management’s remuneration disclosed in note 2.2 and 3.10
and the transactions listed on the following page.
SECTION 5
Other
disclosures
Note 5.1 Contingent assets, liabilities
and other financial obligations 75
Note 5.2 Related parties 75
Note 5.3 Audit fees 76
Note 5.4 Events after the balance sheet date 76
Note 5.5 Group companies 77
Urban Partners | Annual Report 202475
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Consolidated financial statements
5.3 Audit fees
tDKK 2024 2023
Audit fees to Group Auditor 3,765 3,389
Other non-audit fees 1,129 401
Tax advisory fees 228 257
Total 5,122 4,047
§
Accounting policy
Audit services refer to statutory auditing of the annual report, consolidated financial statements and accounting
records, as any other audit examinations or agreed-upon procedures determined by contract. This includes their
work assignments which rest upon the Group's auditor to conduct, and advising or other support justified by
observations in the course of examination or execution of such other work assignments.
5.4 Events after the balance sheet date
In January 2025 Urban Partners A/S purchased own shares for tDKK 42.674.
No other material events have occurred between 31 December 2024 and the date of publication of this annual
report that have not already been included in this annual report and that would have a material effect on the
assessment of the Group’s financial position.
5.2 Related parties (continued)
Owners and partners
Associates and
joint venture
tDKK 2024 2023 2024 2023
Purchase of treasury shares - (192,717) - -
Sale of treasury shares - 14,571 - -
Vested shares 20,020 - - -
Investment (net of disposal) - - (177) 4,007
Dividends received - - (4,269) (68,049)
Loans receivable 7,576 7,603 4,560 39,239
Borrowings during the year - (179,080) - -
Borrowings including accrued interest (288,560) (288,397) - -
Accounts receivables - 302 - -
Accounts payables - - (5) -
Interest received 152 155 - -
Interest paid (25,821) (16,321) - -
Other income - - 317 -
Other expenses - (1) - -
Ownership
The following shareholders are recorded in the Company's register of shareholders as holding at least 5% of the
votes or at least 5% of the share capital:
• Two Degrees UP ApS, 2900 Hellerup, CVR 43839314
• Doughnut Capital UP ApS, 8270 Højbjerg, CVR 43839322
• NREP Partner Holding ApS, 8270 Højbjerg, CVR 29605092
• NREP Partners Investment ApS, 8270 Højbjerg, CVR 34093997
• Novo Holdings A/S, 2900 Hellerup, CVR 24257630
Urban Partners | Annual Report 202476
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Consolidated financial statements
Place of
registered office
Votes and
ownership
Name 2024 2023
Parent company
Urban partners A/S Denmark
Entities, directly owned by the parent
NREP Germany GmbH Frankfurt, GE 100% 100%
Oak General Partner S.a.r.l Luxembourg 100% 100%
Noli Studios Finland Oy Helsinki, FI 100% 100%
Juli Living Finland Oy Helsinki, FI 100% 100%
NREP Oy Helsinki, FI 100% 100%
NREP Corporation UK Limited London, UK 100% 100%
NREP NSF V Feeder 1 GP Limited London, UK 100% 100%
NREP LPF MLP S.á.r.l Luxembourg 100% 100%
NREP LPF GP S.á.r.l Luxembourg 100% 100%
NREP Management Company S.à.r.l. Luxembourg 100% 100%
NREP Domus S.à r.l. Luxembourg 100% 100%
Nordic Strategies Fund II GP S.a.r.l Luxembourg 100% 100%
NREP Nordic Strategies Fund III GP S.a.r.l Luxembourg 100% 100%
NREP Nordic Strategies Fund IV GP S.à.r.l Luxembourg 100% 100%
NREP Nordic Strategies Fund V GP S.à r.l. Luxembourg 100% 100%
NREP Income+ Fund GP S.à r.l. Luxembourg 100% 100%
NREP Income+ Fund RE GP S.à.r.l. Luxembourg 100% 100%
NREP NSF V Feeder 2 GP Luxembourg 100% 100%
NREP Atlantis GP S.à.r.l. Luxembourg 100% 100%
NREP B.V. Netherlands 0% 100%
Place of
registered office
Votes and
ownership
Name 2024 2023
Komp. NREP Copenhagen Resi. Fund 1 ApS Nordhavn, DK 0% 100%
UMEUS ManCo ApS Nordhavn, DK 100% 100%
Woods Office OpCo ApS Nordhavn, DK 100% 100%
NNSF IV IP CIV GP ApS Nordhavn, DK 100% 100%
Komplementarselskabet NREP NSF IV Investment ApS Nordhavn, DK 100% 100%
Komplementarselskabet NREP Income+ Investment ApS Nordhavn, DK 100% 100%
NREP Income+ Investment K/S Nordhavn, DK 100% 100%
NREP Administration ApS Nordhavn, DK 100% 100%
NREP NSF V Investment K/S Nordhavn, DK 0% 100%
2150 ApS Nordhavn, DK 100% 100%
Komplementarselskabet NREP NSF V Investment ApS Nordhavn, DK 100% 100%
NREP AS Oslo, NO 100% 100%
NREP AB Stockholm, SE 100% 100%
NREP Income+ Investment AB Stockholm, SE 0% 100%
NREP NSF V Investment AB Stockholm, SE 0% 100%
Luma Equity AB Stockholm, SE 0% 100%
NREP Poland sp. z o.o. Warsaw, PL 100% 100%
NSF V IP CIV GP ApS Nordhavn, DK 100% 0%
Komplementarselskabet NSF Denmark ApS Nordhavn, DK 100% 0%
Komplementarselskabet NREP NSF VI Investment ApS Nordhavn, DK 100% 0%
NREP Nordic Strategies Fund VI GP S.à r.l Luxembourg 100% 0%
Branch owned by Urban Partners Management Company S.à.r.l.
Urban Partners Management Company – Denmark, filial af
Urban Partners Management Company S.A., Lux Nordhavn, DK 100% 0%
5.5 Group companies
Urban Partners | Annual Report 202477
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Consolidated financial statements
Place of
registered office
Votes and
ownership
Name 2024 2023
Entities owned by Oak General Partner S.a.r.l (Velo Capital)
Oak Scsp Luxembourg 100% 100%
Oak Investment Scsp Luxembourg 100% 100%
Flins Capital Partners GMBH Munich, GE 100% 100%
AF IV General Partner S.a r.l. Luxembourg 100% 100%
AF I General Partner S.à r.l. Luxembourg 100% 100%
AF II General Partner S.à r.l. Luxembourg 100% 100%
AF III General Partner S.à r.l. Luxembourg 100% 100%
AF V General Partner S.à r.l. Luxembourg 100% 100%
Entities owned by Noli Studios Finland OY
Noli Studios Finland Staff Pool Oy Helsinki, FI 100% 100%
Den Studios Denmark ApS Nordhavn, DK 100% 100%
Noli Studios Poland z o. o. Warsaw, PL 100% 100%
Entities owned by NREP AB
NREP InvestCo 65 AB Stockholm, SE 62% 62%
Place of
registered office
Votes and
ownership
Name 2024 2023
Entities owned by 2150 ApS
2150 Advisory Germany GmbH Frankfurt, GE 0% 100%
2150 UK Ltd London, UK 100% 100%
2150 GP II Sarl Luxembourg 100% 100%
2150 GP Opportunity Fund I S.à r.l. Luxembourg 100% 100%
2150 GP concrete I Sarl Luxembourg 100% 100%
2150 GP I Sarl Luxembourg 100% 100%
Komplementarselskabet 2150 Investment ApS Nordhavn, DK 100% 100%
Komplementarselskabet 2150 CIV ApS Nordhavn, DK 0% 100%
2150 Invest II K/S Nordhavn, DK 100% 100%
Komplementarselskabet 2150 Investment II ApS Nordhavn, DK 0% 100%
2150 Concrete K/S Nordhavn, DK 0% 100%
Komplementarselskabet 2150 concrete ApS Nordhavn, DK 0% 100%
Komplementarselskabet 2150 Fund II CIV ApS Nordhavn, DK 0% 100%
2150 FUND II CIV AB Stockholm, SE 0% 100%
Entities owned by Juli Living Finland Oy
JULI Living DK ApS Nordhavn, DK 100% 100%
Entities owned by UMEUS ManCo ApS
Umeus Norway AS Oslo, NO 100% 100%
5.5 Group companies (continued)
Urban Partners | Annual Report 202478
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Consolidated financial statements
tDKK Note 2024 2023
Revenue 2.1 517,798 378,143
Other external expenses (161,908) (164,591)
Operating profit/loss 355,890 213,552
Staff costs 2.2 (365,837) (298,141)
Income from carried interest in associates
related to UP managed funds 2,417 30,266
Depreciation, amortisation and impairment (23,890) (14,042)
Profit/loss before financial income and expenses (31,420) (68,365)
Income/loss from investments in subsidiaries 3.3 (6,353) (159,920)
Income from investments in joint ventures 3.4 52 (3,862)
Income from investments in associates 3.4 1,262 (1,093)
Income from investments in other investments 3.5 (4,084) -
Net gain/loss in sale of shares in investments (48) 121
Financial income 2.3 8,449 47,085
Financial expenses 2.3 (68,556) (40,777)
Profit/loss before tax (100,698) (226,811)
Tax on profit/loss for the year 2.4 17,835 26,515
Net profit/loss for the year 2.5 (82,863) (200,296)
Income statement
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Parent company financial statements
Assets
tDKK Note 2024 2023
Software 45,561 32,471
Development projects in progress 7,308 5,370
Intangible assets 3.1 52,869 37,841
Buildings - -
Other fixtures and fittings, tools and equipments 8,461 8,936
Leasehold improvements 1,382 2,439
Property, plant and equipment total 3.2 9,843 11,375
Investments in subsidiaries 3.3 539,216 546,950
Investments in joint ventures 3.4 2,166 2,114
Investments in associates 3.4 19,044 24,345
Other investments 3.5 74,160 57,780
Receivables from group entities 3.6 15,718 19,477
Other receivables 3.6 135,016 81,898
Deferred tax asset 2.4 48,023 30,188
Total other non-current assets 833,343 762,752
Total non-current assets 896,055 811,968
Trade receivables 3.7 20,269 30,290
Receivables from group entities 3.7 102,090 9,911
Other current receivables 3.7 33,796 105,159
Prepayments 10,841 10,322
Cash 86,466 540
Total current assets 253,462 156,222
Total assets 1,149,517 968,190
Equity and liabilities
tDKK Note 2024 2023
Share capital 1,398 1,380
Reserve for development costs 5,701 4,189
Equity method reserve - -
Retained earnings 157,670 74,345
Equity 164,769 79,914
Provisions - 4,231
Other payables 3.8 12,941 12,150
Borrowings 3.9 288,560 288,397
Total non-current liabilities 301,501 304,778
Borrowings 3.9 71,503 20,273
Trade payables 18,638 5,805
Payables to group enterprises 475,464 253,471
Other payables 3.8 117,642 303,949
Total current liabilities 683,247 583,498
Total liabilities 984,748 888,276
Total equity and liabilities 1,149,517 968,190
Statement of financial position
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Parent company financial statements
tDKK Share capital
Equity method
reserve
Reserve for
development costs Retained earnings Total
2024
Equity at 1 January 1,380 - 4,189 74,345 79,914
Net profit/loss for the year - - - (82,863) (82,863)
Exchange rate adjustments foreign entities - - - (3,214) (3,214)
Capital increase 18 - - 20,001 20,019
Warrants expense reversed - - - 9,942 9,942
Sale of treasury shares - - - 140,971 140,971
Development costs for the year (net of tax) - - 1,512 (1,512) -
Equity at 31 December 1,398 - 5,701 157,670 164,769
2023
Equity at 1 January 1,366 (32,246) 11,908 406,359 387,386
Restatement opening - - - 79,392 79,392
Equity at 1 January restated 1,366 (32,246) 11,908 485,751 466,779
Net profit/loss for the year - 27,847 - (228,143) (200,296)
Exchange rate adjustments foreign entities - 4,399 - (2,755) 1,644
Capital increase 14 - - 43,356 43,370
Purchase of treasury shares - - - (192,717) (192,717)
Sale of treasury shares - - - 14,571 14,571
Acquisition of minority interests - - - (53,437) (53,437)
Development costs for the year (net of tax) - - (7,719) 7,719 -
Equity at 31 December 1,380 - 4,189 74,345 79,914
Statement of changes in equity
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Parent company financial statements
Section 1 Basis of preparation of financial
statements of parent company 84
Note 1.1 Summary of significant accounting policies 84
Note 1.2 Impact of change in accounting policies 85
Section 2 Result for the year 87
Note 2.1 Revenue 87
Note 2.2 Staff costs and remuneration 88
Note 2.3 Financial items 88
Note 2.4 Income tax 89
Note 2.5 Proposed distribution of profit 89
Section 3 Assets and liabilities 90
Note 3.1 Intangible assets 90
Note 3.2 Property, plant and equipment 91
Note 3.3 Investments in subsidiaries 92
Note 3.4 Investments in joint ventures and associates 92
Note 3.5 Other investments 94
Note 3.6 Other receivables 94
Note 3.7 Receivables 94
Note 3.8 Other payables 95
Note 3.9 Borrowings 95
Section 4 Other disclosures 96
Note 4.1 Contingent assets, liabilities and other
financial obligations 96
Note 4.2 Related parties 97
Note 4.3 Audit fees 97
Note 4.4 Events after the balance sheet date 97
Notes to the parent company financial statements
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Parent company financial statements
SECTION 1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS OF PARENT COMPANY
SECTION 1
Basis of
preparation
of financial
statements
of parent
company
1.1 Summary of significant accounting policies
The financial statements of the Parent have been
prepared on a going concern basis and in accord-
ance with the Danish Financial Statements Act
applying to large enterprises of reporting class C.
The Parent Financial Statements for 2024 are
presented in tDKK.
The income statement is presented according to
the nature of expenses. To obtain a true and fair
view of the investment management activities of the
parent, fair value changes and dividend from entities
holding investments in the funds managed by Urban
Partners is presented as a separate line item within
profit before financial items. Further, income from
associates holding such investments is presented as
a separate item within profit before financial items.
The balance sheet is presented in a current/
non-current order.
Description of accounting policy
In relation to the accounting policies described for
the financial statements of the Group note 1.1 in the
consolidated financial statement, the accounting
policies of the Parent differ in the following:
Revenue
The Parent has chosen to use IFRS 15 as interpre-
tation for revenue recognition. Income from the
rendering of services is recognised as revenue as
the services are rendered. Accordingly, revenue
corresponds to the market value of the services
rendered during the year.
The Parent advisory fee is a tranfer pricing allo-
cation based on residual profit split between the
entities that have been part of creating value and
assuming similar risks. The residual profit split is
applied between the Parent and the three Nordic
entities (Urban Partners AB, Urban Partners Oy and
NREP AS).
Revenue is measured at the fair value of the agreed
consideration excluding VAT and taxes charged on
behalf of third parties. All discounts and rebates
granted are recognised in revenue.
Investments in subsidiaries and associates
Investments in subsidiaries and associates are
accounted for under the equity method. The
subsidiaries are accounted under the consolidation
approach. Undistributed reserves in subsidiaries are
recognised in a separate reserve within equity.
Subsidiaries and associates with a negative net
asset value are recognised at DKK 0 and it is
assessed whether receivables should be considered
uncollectible. Any legal or constructive obligation
of the Parent to cover the negative balance of the
enterprise is recognised in provisions.
Other non-current investments
Investment in other non-current assets is measured
at cost.
Receivables
Receivables are measured at amortised cost.
The Parent Company has chosen IAS 39 as interpre-
tation for impairment of financial receivables.
An impairment loss is recognised if there is objective
evidence that a receivable or a group of receivables
is impaired. If there is objective evidence that an
individual receivable has been impaired, an impair-
ment loss is recognised on an individual basis.
Receivables in respect of which there is no objec-
tive evidence of individual impairment are tested
for objective evidence of impairment on a portfolio
basis. The portfolios are primarily based on the
debtors' domicile and credit ratings in line with the
Company's risk management policy. The objective
evidence applied to portfolios is determined based
on historical loss experience.
Impairment losses are calculated as the difference
between the carrying amount of the receivables
and the present value of the expected cash flows,
including the realisable value of any collateral
Note 1.1 Summary of significant
accounting policies 84
Note 1.2 Impact of change in accounting
policies 85
Urban Partners | Annual Report 202484
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Parent company financial statements
1.2 Impact of change in accounting policies
Urban Partners changed its accounting policy to IFRS
15 (Revenue from Contracts with Customers) for
carried interest (promote) based on judgment. This
change is considered a change in accounting policy,
and comparative figures have been restated retro-
spectively.
The carried interest in the managed funds is struc-
tured through equity investments in entities holding
the carried interest shares in the respective funds.
These entities are not controlled by Urban Partners
and are accounted for under the equity method. The
underlying carried interest shares have under the
previous accounting policy been treated as other
financial assets measured at cost in the respective
investees. Following the change in accounting policy,
the underlying carried interest shares are treated as
revenue contracts with customers.
As a result, carried interest recognised under IFRS 15
and investments holding carried interest, previously
classified as Other investments and Joint Ventures,
have been reclassified to associates.
Other accounting policies are unchanged from last
year.
Impact of change to adopt IFRS
15 accounting policy
The following tables summarise the impact of the
changes requiring restatement on the Parents finan-
cial statements.
received. The effective interest rate for the individual
receivable or portfolio is used as discount rate.
Leases
The Parent has chosen IAS 17 as interpretation for
classification and recognition of leases.
Leases that do not transfer substantially all the
risks and rewards incident to the ownership to the
Parent Company are classified as operating leases.
Payments relating to operating leases and any other
rent agreements are recognised in the income state-
ment over the term of the lease. The Parent's aggre-
gate liabilities relating to operating leases and other
rent agreements are disclosed under "Contingent
liabilities".
Liabilities
Financial liabilities are recognised at the date of
borrowing at the net proceeds received less transac-
tion costs paid. On subsequent recognition, financial
liabilities are measured at amortised cost, corre-
sponding to the capitalised value, using the effective
interest rate. Accordingly, the difference between the
proceeds and the nominal value is recognised in the
income statement over the term of the loan. Financial
liabilities also include the capitalised residual lease
liability in respect of finance leases.
Other liabilities are measured at net realisable value.
Mangement review
With reference to section 78 paragraph 6 of the
Danish Financial Statements Act, no Management
review for the Parent Company are prepared.
Cash Flow Statement
With reference to section 86 paragraph 4 of the
Danish Financial Statements Act, no Cash Flow State-
ment for the Parent Company are prepared.
1.1 Summary of significant accounting policies (continued)
Urban Partners | Annual Report 202485
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Parent company financial statements
Income statement (extract)
tDKK
2023 as
reported
IFRS 15
adjustment
2023
Restated
Income from carried interest in associates related to
UP managed funds - 30,266 30,266
Profit/loss before financial income and expenses (EBIT) (98,631) 30,266 (68,365)
Income/loss from investments in subsidiaries (106,047) (53,873) (159,920)
Income from investments in joint ventures 14,552 (18,414) (3,862)
Profit/loss before tax (184,790) (42,021) (226,811)
Tax on profit/loss for the year 26,515 - 26,515
Net profit/loss for the year (158,275) (42,021) (200,296)
1.2 Impact of change in accounting policies (continued)
Statement of financial position (extract)
tDKK
2023 as
reported
IFRS 15
adjustment
2023
Restated
Investments in subsidiaries 521,431 25,519 546,950
Investments in joint ventures 2,539 (425) 2,114
Investments in associates 12,030 12,316 24,346
Other investments 57,817 (38) 57,779
Total other non-current assets 725,380 37,372 762,752
Total non-current assets 777,095 37,372 814,468
Total assets 930,819 37,372 968,190
Retained earnings 36,974 37,372 74,345
Equity 42,543 37,372 79,914
Total liabilities 888,276 - 888,276
Total equity and liabilities 930,819 37,372 968,190
Urban Partners | Annual Report 202486
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SECTION 2 RESULT FOR THE YEAR
2.1 Revenue
Group
tDKK Nrep
Corporate
functions Total
2024
Management fee 140,221 - 140,221
Service fee 115,002 25 115,027
Other revenue 140 586 726
Internal advisory fee 248,467 13,357 261,824
Total revenue 503,830 13,968 517,798
2023
Management fee 117,537 - 117,537
Service fee 132,795 - 132,795
Other revenue (180,865) 6,000 (174,865)
Internal advisory fee 302,676 - 302,676
Total revenue 372,143 6,000 378,143
2023 Revenue categories have been restated to follow the 2024 categorization method.
SECTION 2
Result for
theyear
Note 2.1 Revenue 87
Note 2.2 Staff costs and remuneration 88
Note 2.3 Financial items 88
Note 2.4 Income tax 89
Note 2.5 Proposed distribution of profit 89
Urban Partners | Annual Report 202487
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Parent company financial statements
2.2 Staff costs and remuneration
tDKK 2024 2023
Wages, salaries and remuneration 310,069 306,308
Pensions, defined contribution plans 21,049 20,210
Other social security costs 4,432 2,329
Other staff costs 24,915 (30,706)
Share-based payment 5,372 -
Total 365,837 298,141
Average number of employees 261 272
Other staff expenses include staff recruitment costs and the costs of temporary workers.
For information on the remuneration of the Executive Management and the Board of Directors, please refer to
note 2.2 in the consolidated financial statements.
2.3 Financial items
tDKK 2024 2023
Financial income
Interest received from group entities 3,520 2,469
Other interest income 1,428 632
Other financial income 3,501 43,984
Total 8,449 47,085
Financial expenses
Interest paid to group entities 15,755 10,754
Other interest expenses 47,526 29,403
Exchange losses 1,472 620
Other financial expenses 3,803 -
Total 68,556 40,777
Other financial income is in 2023 impacted by a reversal of contingent consideration totaling DKK 37.7 million.
Other interest expenses refers to interest on the Group’s working capital facility, interest on cash management
services and other bank charges.
Urban Partners | Annual Report 202488
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Parent company financial statements
2.4 Income tax
The major components of income tax expense for the years ended 31 December 2024 and 2023 are:
tDKK 2024 2023
Deferred tax for the year 17,835 26,515
Income tax expense reported in the statement of profit or loss 17,835 26,515
Reconciliation of tax expense and the accounting profit multiplied
by Denmark’s domestic tax rate for 2024 and 2023:
At Denmark’s statutory income tax rate of 22% (2023: 22%) (22,154) (40,654)
Tax effects
Non-taxable income (565) (7,623)
Non-deductible expenses 4,884 23,072
Other - (1,310)
Tax effects, total 4,319 14,139
Tax expenses 17,835 26,515
Effective tax rate -18% -17%
Deferred tax assets
Provision for deferred tax at 1 January (30,188) (32,481)
Tax loss utilised in joint taxation - 2,499
Amounts recognised in the income statement for the year (17,835) (206)
Deferred tax assets at 31 December (48,023) (30,188)
Deferred tax liabilities
Provision for deferred tax at 1 January - 26,218
Amounts recognised in the income statement for the year - (26,218)
Deferred tax liabilities at 31 December - -
tDKK 2024 2023
Tax loss carry-forward (48,023) (30,188)
(48,023) (30,188)
Of which presented as deferred tax assets 48,023 30,188
Of which presented as deferred tax liabilities - -
2.5 Proposed distribution of profit
tDKK 2024 2023
Reserve for net revaluation under the equity method - 27,847
Retained earnings (82,863) (228,143)
Total (82,863) (200,296)
Urban Partners | Annual Report 202489
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Parent company financial statements
SECTION 3 ASSETS AND LIABILITIES
3.1 Intangible assets
tDKK Software
Development
projects in progress Total
2024
Cost at 1 January 43,384 5,370 48,754
Additions 2,403 35,308 37,711
Disposals - (5,296) (5,296)
Transfer 28,074 (28,074) -
Cost at 31 December 73,861 7,308 81,169
Impairment and amortisation at 1 January (10,913) - (10,913)
Impairment and amortisation (17,387) - (17,387)
Disposals - - -
Impairment and amortisation at 31 December (28,300) - (28,300)
Carrying amount at 31 December 45,561 7,308 52,869
2023
Cost at 1 January 22,117 15,266 37, 38 3
Additions - 20,583 20,583
Disposals (3,735) (5,477) (9,212)
Transfer 25,002 (25,002) -
Cost at 31 December 43,384 5,370 48,754
Impairment and amortisation at 1 January (4,769) - (4,769)
Impairment and amortisation (9,879) - (9,879)
Disposals 3,735 - 3,735
Impairment and amortisation at 31 December (10,913) - (10,913)
Carrying amount at 31 December 32,471 5,370 37,841
SECTION 3
Assets and
liabilities
Note 3.1 Intangible assets 90
Note 3.2 Property, plant and equipment 91
Note 3.3 Investments in subsidiaries 92
Note 3.4 Investments in joint ventures
and associates 92
Note 3.5 Other investments 94
Note 3.6 Other receivables 94
Note 3.7 Receivables 94
Note 3.8 Other payables 95
Note 3.9 Borrowings 95
Urban Partners | Annual Report 202490
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Parent company financial statements
3.2 Property, plant and equipment
tDKK Buildings
Other fixtures and
fittings, tools and
equipments
Leasehold
improvements Total
2024
Cost at 1 January - 17,502 7,915 25,417
Additions for the year - 5,059 - 5,059
Disposals for the year - (88) - (88)
Cost at 31 December - 22,473 7,915 30,388
Impairment and depreciation at 1 January - (8,566) (5,476) (14,042)
Depreciation for the year - (5,446) (1,057) (6,503)
Impairment and depreciation at 31 December - (14,012) (6,533) (20,545)
Carrying amount at 31 December - 8,461 1,382 9,843
2023
Cost at 1 January 1,250 13,695 7, 467 22,412
Additions - 4,335 448 4,783
Disposals (1,250) (528) - (1,778)
Cost at 31 December - 17,502 7,915 25,417
Impairment and depreciation at 1 January (90) (4,931) (3,866) (8,887)
Depreciation for the year (17) (4,163) (1,610) (5,790)
Disposals 107 528 - 635
Impairment and depreciation at 31 December - (8,566) (5,476) (14,042)
Carrying amount at 31 December - 8,936 2,439 11,375
Urban Partners | Annual Report 202491
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Parent company financial statements
3.3 Investments in subsidiaries
tDKK 2024 2023
Cost at 1 January 630,809 567,531
Addition 7,256 67,612
Disposal (1,123) (4,334)
Cost at 31 December 636,942 630,809
Value adjustments at 1 January (87,763) (12,527)
Restatement opening - 79,392
Exchange adjustment (3,489) 1,569
Net profit/loss for the year (8,737) (106,047)
Share of result NREP managed funds
net of payments 2,384 (53,873)
Disposals 836 3,723
Dividends (1,687) -
Value adjustments at 31 December (98,456) (87,763)
Equity investments with negative net asset value amortised over receivables 730 3,904
Carrying amount at 31 December 539,216 546,950
Additions for the year, consist of capital injections in newly registered entities of DKK 0.6 million (2023: DKK 12.7
million) and capital injections in existing entities of DKK 6.6 million (2023: DKK 54.9 million).
Refer to note 5.5 Group companies to the consolidated financial statements for a list of Group companies.
3.4 Investments in joint ventures and associates
Joint venture Associates
tDKK 2024 2023 2024 2023
Cost at 1 January 20,875 16,625 10,275 9,452
Restatement opening - - - 705
Additions - 4,250 393 131
Disposal - - - (11)
Transfers - - (4,117) -
Other adjustment - - 19 (2)
Cost at 31 December 20,875 20,875 6,570 10,275
Value adjustments at 1 January (18,761) (14,898) 14,070 3,682
Restatement opening - - - (675)
Exchange adjustment - - 3 (16)
Share of result NREP managed funds
net of payments - - 2,418 30,267
Net profit/loss for the year 52 (3,863) 1,262 (1,083)
Dividends - - (1,496) (18,105)
Transfers - - (3,783) -
Value adjustments at 31 December (18,709) (18,761) 12,474 14,070
Carrying amount at 31 December 2,166 2,114 19,044 24,345
Urban Partners | Annual Report 202492
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Parent company financial statements
3.4 Investments in joint ventures and associates (continued)
Name
Place of
registered office Share capital Votes and ownership
2024 2023 2024 2023
Joint ventures
NREP-TF ApS Denmark DKK 60,002 50% DKK 60,002 50%
Plushusene Management ApS Denmark DKK 1,700,000 50% DKK 1,700,000 50%
Associates
Komplementarselskabet NREP Co-Investment
Nordhavn ApS Denmark DKK 60,000 DKK 60,000 48% 48%
NREP Co-Investment Nordhavn K/S Denmark DKK 12,000,000 DKK 12,000,000 48% 48%
Ejendomsselskabet Hellebro A/S Denmark DKK 17,500,000 DKK 17,500,000 10% 20%
2150 Invest K/S Denmark DKK 148,861 DKK 148,861 28% 25%
2150 Home Decarb K/S Denmark DKK 82,168 DKK 100 33% 0%
NREP NSF V Investment K/S Denmark DKK 745,840 DKK 745,840 22% 0%
NREP NSF III InvestCo 94 AS Norway NOK 38,541 NOK 35,548 29% 29%
NREP NSF IV Investment S.a.r.l Luxembourg EUR 28,500 EUR 28,500 42% 42%
NREP NSF V Investment S.a.r.l Luxembourg EUR 71,387 EUR 71,387 49% 0%
NREP Investment OY Helsinki, Finland DKK 0 DKK 0 50% 50%
NREP Invest Co 7 AB Sweden EUR 6,000 EUR 6,000 15% 15%
NREP NSF IV Investment K/S Denmark EUR 331,302 EUR 331,302 3% 2%
NREP NSF V Investment AB Sweden EUR 6,500 EUR 6,500 9% 0%
Urban Partners | Annual Report 202493
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Parent company financial statements
3.5 Other investments
tDKK 2024 2023
Cost at 1 January 64,983 49,158
Restatement opening - (705)
Additions 15,049 16,530
Disposals (2,253) -
Transfers 7,948 -
Cost at 31 December 85,727 64,983
Impairment at 1 January (7,203) (7,878)
Restatement opening - 675
Impairment (4,328) -
Impairment released in connection with disposals (36) -
Impairment at 31 December (11,567) (7,203)
Carrying amount at 31 December 74,160 57,780
3.6 Other receivables
tDKK 2024 2023
Receivables from Group entities 15,718 19,477
Other receivables
Loans to associated entities 12,410 46,320
Other loans 121,356 34,463
Deposits 1,250 1,115
Total 135,016 81,898
3.7 Receivables
tDKK 2024 2023
Trade receivables 20,269 30,290
Receivables from Group entities 102,090 9,911
Other receivables
Accrued income 23,325 42,944
Tax receivables 2,595 2,499
Cost to be reinvioced 3,305 4,034
Other current receivables 4,571 55,682
Total Other receivables 33,796 105,159
Total receivables 156,155 145,360
Trade receivables
Allocation of net trade receivables by maturity period are as follows:
tDKK 2024 2023
Up to 30 days 17,884 3,556
Between 31 and 90 days 1,905 13,734
Between 91 and 365 days 480 13,000
Net receivables at 31 December 20,269 30,290
Urban Partners | Annual Report 202494
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Parent company financial statements
3.8 Other payables
tDKK 2024 2023
Employee liabilities 93,491 78,589
Accrued expenses 16,617 32,172
Vat liability 6,565 (2,291)
Deferred purchase price 12,941 205,549
Other current payables 969 2,080
Total 130,583 316,099
Classification by expected maturity
Within 1 year 117,642 303,949
More than 1 year 12,941 12,150
3.9 Borrowings
tDKK 2024 2023
Non-current 288,560 288,397
Current 71,503 20,273
Total 360,063 308,670
Urban Partners | Annual Report 202495
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
Parent company financial statements
SECTION 4 OTHER DISCLOSURES
4.1 Contingent assets, liabilities and other financial obligations
Urban Partners A/S has issued a letter of comfort for selected subsidiaries in order to be in compli-
ance with going concern requirement.
Urban Partners A/S holds DKK 30.1 million (2023: DKK 39.0 million) of operating lease liability that
primarily relates to office leases as at the end of 2024.
Urban Partners A/S has entered into binding commitments to invest further EUR 1.95 million (2023 :
EUR 3.30 million) into 2150 Urban Tech Sustainability Fund I SCSp and EUR 2.53 million (2023: EUR
3.16 million) into 2150 Urban Tech Sustainability Fund II SCSp.
Urban Partners A/S has issued guarantees for a total of DKK 4.2 million (2023: DKK 1.5 million).
The Urban Partners is jointly and separately liable for tax on the jointly taxed incomes etc of the
Group companies. The total amount of corporation tax payable is disclosed in the note 2.4. Urban
Partners A/S is the management company of the joint taxation purposes for the Danish joint taxation.
Moreover, the Danish entities are jointly and severally liable for Danish withholding taxes by way of
dividend tax and tax on unearned income. Any subsequent adjustments of corporation taxes and
withholding taxes may increase the Parent’s liability.
SECTION 4
Other
disclosures
Note 4.1 Contingent assets, liabilities
and other financial obligations 96
Note 4.2 Related parties 97
Note 4.3 Audit fees 97
Note 4.4 Events after the balance sheet date 97
Urban Partners | Annual Report 202496
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Parent company financial statements
4.2 Related parties
Ownership
The following shareholders are recorded in the Parent's register of shareholders as holding at least 5% of the
votes or at least 5% of the share capital:
• Two Degrees UP ApS, 2900 Hellerup, CVR 43839314
• Doughnut Capital UP ApS, 8270 Højbjerg, CVR 43839322
• NREP Partner Holding ApS, 8270 Højbjerg, CVR 29605092
• NREP Partners Investment ApS, 8270 Højbjerg, CVR 34093997
• Novo Holdings A/S, 2900 Hellerup, CVR 24257630
Description of the Parent company’s related parties is equal to the description for the Group.
All related parties transaction in 2023 and 2024 are made on arm’s length terms.
Other matters of interest in relation to related parties are disclosed in the notes 5.2 of the consolidated financial
statements.
4.3 Audit fees
For audit fees please refer to the consoidated financial statements note 5.3.
4.4 Events after the balance sheet date
For events after the balance sheet date please refer to the consolidated financial statements note 5.4
Urban Partners | Annual Report 202497
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Parent company financial statements
th
May 2025
Executive Board
Board of Directors
Urban Partners | Annual Report 202499
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
Statements
Urban Partners | Annual Report 2024100
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
Statements
th
May 2025
CVR No 3 3 77 12 31
Mne30141 Mne44159
Urban Partners | Annual Report 2024101
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
Statements
Independent limited assurance report on selected Climate Change metrics
To the Shareholders of
Urban Partners A/S
Urban Partners A/S (“Urban Partners”) engaged us
to provide limited assurance on selected metrics in
Climate Change section marked with a (‘selected
Climate Change metrics’) for the period 1 January
- 31 December 2024 on pages 27-28 in the Manage-
ment’s Review of Urban Partners A/S Annual Report
for 2024.
Our conclusion
Based on the procedures we performed and the
evidence we obtained, nothing came to our atten-
tion that causes us not to believe that the selected
Climate Change metrics in the tables marked with a
‘green dot’ for the period 1 January – 31 December
2024 in the Annual Report has not been prepared,
in all material respects, in accordance with the
sustainability reporting policies developed by Urban
Partners as stated on pages 27-29 (the “reporting
policies”).
This conclusion is to be read in the context of what
we state in the remainder of our report. We express
limited assurance in our conclusion.
Professional standards applied
and level of assurance
We performed a limited assurance engagement in
accordance with International Standard on Assur-
ance Engagements 3000 (Revised) ‘Assurance
Engagements other than Audits and Reviews of
Historical Financial Information’ and, in respect of
the greenhouse gas emissions stated on pages 28,
in accordance with International Standard on Assur-
ance Engagements 3410 ‘Assurance engagements
on greenhouse gas statements. The quantification
of greenhouse gas emissions is subject to inherent
uncertainty because of incomplete scientific knowl-
edge used to determine the emissions factors and
the values needed to combine emissions of different
gases.
A limited assurance engagement is substan-
tially less in scope than a reasonable assurance
engagement in relation to both the risk assessment
procedures, including an understanding of internal
control, and the procedures performed in response
to the assessed risks. Consequently, the level of
assurance obtained in a limited assurance engage-
ment is substantially lower than the assurance that
would have been obtained had a reasonable assur-
ance engagement been performed.
Our independence and quality control
We have complied with the independence require-
ments and other ethical requirements in the
International Ethics Standards Board for Account-
ants’ International Code of Ethics for Professional
Accountants (IESBA Code), which is founded on
fundamental principles of integrity, objectivity,
professional competence and due care, confi-
dentiality and professional behaviour, and ethical
requirements applicable in Denmark.
PricewaterhouseCoopers applies International
Standard on Quality Management 1, ISQM 1, which
requires the firm to design, implement and operate
a system of quality management including policies
or procedures regarding compliance with ethical
requirements, professional standards, and appli-
cable legal and regulatory requirements. Our work
was carried out by an independent multidisciplinary
team with experience in Sustainability Reporting
and assurance.
Understanding reporting and
measurement methodologies
The selected Climate Change metrics need to be
read and understood together with the reporting
policies, which Management is solely responsible for
selecting and applying. The absence of a significant
body of established practice on which to draw to
evaluate and measure the selected Climate Change
metrics allows for different, but acceptable, meas-
urement techniques and can affect comparability
between entities and over time.
Work performed
We are required to plan and perform our work in
order to consider the risk of material misstatement
of the selected Climate Change metrics. In doing so
and based on our professional judgement, we:
• Made inquiries and conducted interviews with
relevant functions to assess consolidation
processes, use of company-wide systems, and
controls performed at Urban Partners A/S level,
Urban Partners | Annual Report 2024102
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Statements
• Checked the selected Climate Change metrics on
a sample basis to underlying documentation, and
evaluated the appropriateness of quantification
methods and compliance with the reporting poli-
cies for preparing the selected Climate Change
metrics,
• Conducted an analytical review of the selected
Climate Change metrics and trend explanations
submitted by all entities and entities under opera-
tional control for consolidation at Urban Partners
A/S level,
• Considered the disclosure and presentation of the
selected Climate Change metrics, and
• Evaluated the obtained evidence.
Management’s responsibilities
Management of Urban Partners is responsible for:
• Designing, implementing, and maintaining internal
controls over information relevant to the prepa-
ration of the selected Climate Change metrics
in the annual report that are free from material
misstatement, whether due to fraud or error;
• Establishing objective reporting policies for
preparing the selected Climate Change metrics;
• Measuring and reporting the information in the
selected Climate Change metrics based on the
reporting policies.
Our responsibility
We are responsible for:
• Planning and performing the engagement to
obtain limited assurance about whether the
selected Climate Change metrics for the period 1
January - 31 December 2024 are free from mate-
rial misstatement, and are prepared, in all mate-
rial respects, in accordance with the reporting
policies;
• Forming an independent conclusion, based on
the procedures performed and the evidence
obtained; and
• Reporting our conclusion to the stakeholders of
Urban Partners A/S.
Hellerup, 28
th
May 2025
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR No 33 77 12 31
Thomas Wraae Holm Carina Ohm
State Authorised Partner
Public Accountant
Mne30141
Urban Partners | Annual Report 2024103
At a glance 2024 in brief Our business Our performance SustainabilityGovernance Financial statements
Statements
Urban Partners
Southamptongade 4
2150 Nordhavn
Denmark
Tel.: +45 39484900
urban.partners
info@urban.partners
CVR no.: 29168709
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