Thursday, July 29, 2010

Peter Warnøe in financial trouble

Peter Warnøe, Crown Prince Frederik's friend, Mary's Navision "boss" is featured in this article in Berlingske's Business section about his sour financial situation. Peter's mother is Anne Fabricius-Bjerre who is divorced from Bent Fabricius-Bjerre, the famous composer of the Matador soundtrack. Hm, no more freebie Verbier visits for Derf and Yrma?

Crown Prince's friend pressured to make fire sales

Former IT and property millionaire Peter Warnøe is put into administration by the Nykredit and BRF banks after a loss of over 100 million kroner in the past two years. Combined with a debt of over 400 million dollars, creditors have been allocated to push a sale through IT investing Danish properties.

The former founder of IT firms Merkantildata and Aston Group is now put into administration by the banks after losses of more than 100 million dollars the last two years.

The loss comes as a result of Peter Warnøe's recent investing heavily in real estate in Denmark, Germany and Dubai, through its private company Oyster Invest, which at its turn was indebted to, among others BRF and Nykredit, for over 400 million dollars.

Besides banks and credit BRF has control over the IT entrepreneur's business, they have also pledged his private residence at Taarbæk Strandvej looking out onto the Öresund.

The villa was bought in 2007 for 35 million dollars, and although it currently can only be sold for roughly the same amount, the large estate north of Copenhagen mortgaged for well over 60 million dollars from the two aforementioned creditors and Savings Lolland.

It is also clear from the accounts that Oyster Invest in just one year has increased its expensive, short-term bank debt from 68 to nearly 200 million dollars, and therefore Peter Warnøe now must sell off his many properties from the banks creating the capital needed for to him to keep the heavily indebted group afloat.

Sale in July

According to the accounts owner Peter Warnøe's properties are worth over 400 million dollars, but since then creditors, with Nykredit and BRF at the head, have pressured a sale through the rich man's Danish properties.

It is especially Danish properties and projects in Dubai, which have caused problems for Peter Warnøe, while his German properties have evolved relatively sensibly, as they have managed to rent several rooms that previously were empty.

"Here in July, I sold all my Danish property portfolio as a way to reduce my balance, in agreement with the banks. I have had a good dialogue with them and I am satisfied with the sale. I've never been a property man, and now it is IT I'll bet on. It is also there where I have my skills," says Peter Warnøe who has other investments together with Preben Damgaard.

Satisfied with the trade

In addition to his business in the industry, Peter Warnøe is primarily known for his close relations with the Danish royal family and especially Crown Prince Frederik. Besides the large villa he owns looking out onto the Öresund, he also has among other things a chalet in Verbier, that Crown Prince Frederik and Crown Princess Mary frequently used.

"I am well pleased that I have sold my property. Running a property portfolio is a completely different game today than five years ago", says Peter Warnøe.

At Nykredit they do not want to comment on their exposure because the bank generally does not comment on customer relationships.

The article is accompanied by this photo of Peter and his then-girlfriend Julie at Princess Izzy's christening.

Interestingly, the article also shows these three photos: one of Peter with Prince Frederik's other friends Holger Foss and Peter Herring; one of Peter's chalet in Verbier where Prince Frederik and Princess Mary stay in Switzerland; and one of Peter's home in Denmark. They are really underscoring the Crown Prince's friendships.

Here is another article from Jyllands Posten. "The Bank has taken control of his portfolio and private residence".

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