Argentum

Tenant description Serving as the Danish headquarters for the US IT giant IBM, the Property is home to its wholly-owned subsidiary IBM Denmark A/S. Officially named International Business Machines Corp., nicknamed “Big Blue”, the technology company employs more than 410,000 employees globally and generates an annual turnover of some DKK 582bn (2016) with pre-tax income of nearly DKK 100bn. With assets worth some DKK 775bn and a market cap as of 31 March 2016 of more than a trillion Danish kroner, IBM is listed on the stock exchange and included in the US Dow Jones Industrial Average. Boasting a rank as the 82nd largest company in the world according to the Fortune Global 500 index (2016), the 104-year-old IBM is a world leader in technology products and services. Headquartered in the state of New York, USA, the company has developed significantly in recent years, moving from mainly manufacturing computer hardware into high-value markets such as cloud computing, artificial intelligence, cognitive computing and Internet of Things to name a few.

As a major research leader, the company holds the record for generating most patents and counts five Nobel prize winners among current and former employees. IBM has been involved in everything from developing the code used for the first financial swaps in 1981 to Watson, the computer system that beat Jeopardy! winners in 2011 and is now being applied in cancer research. In Denmark, IBM’s main growth areas are within consulting, blockchain technology and cognitive business solutions based on cloud computing technology. Further, IBM assists Danish clients in meeting the high requirements of the Danish general data protection regulations through e.g. encryption solutions. Accounting for DKK 5.2bn of total revenues in 2016, the Danish subsidiary employs around 2,000 full-time employees, of which about 320 at the Property.

I BM DANI SH HEADQUARTERS

Note: As part of the lease commitment, IBM Denmark has put up a 6-month deposit to secure the rent. There is no additional security from IBM for the lease. Details about the lease terms can be found on p. 64-65.

Lease schedule

Deposits and prepaid rent

Non- terminability

Lease Commencement

Tenant

Usage Area

Actual rent

Rent adjustment

(sqm)

(DKK total p.a.)

(DKK/ sqm p.a.)

(DKK)

Month Min.

General

Tenant

Notice

IBM Denmark Office

3,860 4.036.556 1.046

2.370.071 October

2.0% NPI

13 Nov 2014

13 Nov 2016 12 months

IBM Denmark Storage

1,481

761.551

514

IBM Denmark Parking

357.244

Total

5,341 5,155,351

965 2,370,071

56