The history of TK

The history of TK Development goes back to 1960 when the company was founded by Thorkild Kristensen. At that time, the name of the company was Thorkild Kristensen A/S and during the first 25 years, the company focused on dealing in land plots and holiday houses.

Focus shifts to development of retail

At the end of the 1980’s, Thorkild Kristensen A/S extended the activities to include development of shopping centres and large shops in Denmark. In 1991, Thorkild Kristensen A/S was quoted on the stock exchange and two years later – in 1993 – Thorkild Kristensen A/S merged with TK Ejendomsinvest A/S and thus, TK Development A/S was founded. At that time, holiday houses were no longer included in the Group’s activities as the Group concentrated on developing real property with focus on retail - development of shopping centres and large shops.

Since the shift from holiday houses to development of retail at the end of the 1980’s, the Group has developed more than 2.5 million square metres – mainly shopping centres and retail parks.

Our customers have shown us the way

The history of TK Development’s geographical expansion is closely related to the history of our customers’ expansion. TK Development’s efforts to create added value by developing real property have resulted in the Group’s expansion to the countries in which our customers have wished to set up in business. In 1994 TK Development was, for instance, one of the first real property developers to enter the Polish market, and we did it because the Danish supermarket group, Dansk Supermarked, wanted to establish shops in Poland.

Three years later – in 1997 – another customer showed us the way. This time the customer was Carrefour, for whom the Group had set up hypermarkets in Poland, who caused TK Development to enter the Czech market.

The Group’s offices in Warsaw and Prague have existed since 1994 and 1997, respectively. The office in Prague also managed the Group’s development activities in Slovakia.

In 1997, TK Development established a business in Sweden. This was done together with Silvan, for whom the Group had set up large shops in Denmark for a number of years. The Swedish development activities are managed from the Group’s office in Stockholm.

In 1999, TK Development established a business in Finland followed by the Baltic States in 2001 with offices in Lithuania and Latvia. In addition, TK Development has developed activities in Germany and a project in Russia.   
 
In March 2013, the Board of Directors decided to implement a market focus on the countries expected to contribute with long-term, profitable operations in the future. These countries were Denmark, Sweden, Poland and the Czech Republic. As a consequence, TK Development started to phase out its activities in Germany, Finland, the Baltic States and Russia.

Later on the Board of Directors has decided to change the strategic focus of TK Development. Going forward, focus is on the Danish and Swedish property development business and the Group's other activities are divested.