37050261 2025-01-01 2025-12-31 37050261 2025-01-01 2025-12-31 1 37050261 2025-01-01 2025-12-31 1 37050261 2025-01-01 2025-12-31 2 37050261 2024-01-01 2024-12-31 37050261 2025-12-31 37050261 2024-12-31 37050261 2024-12-31 fsa:ContributedCapitalMember 37050261 2024-12-31 fsa:RetainedEarningsMember 37050261 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 37050261 2025-12-31 fsa:ContributedCapitalMember 37050261 2025-12-31 fsa:RetainedEarningsMember iso4217:DKK xbrli:pure Annual report 2026-06-23 Ole Meier Sørensen Strandvejen 44 2900 Hellerup The Executive Board has today considered and approved the annual report of SF 7 ApS for the financial year 01.01.2025 - 31.12.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Copenhagen Ole Meier Sørensen Caspar Schultz To the shareholders of SF 7 ApS In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31 December 2025 and of the results of its operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act.​​We have audited the Financial Statements of SF 7 ApS for the financial year 1 January - 31 December 2025which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies ("the Financial Statements"). We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s responsibilities for the audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We draw attention to the fact that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. We refer to note 1 in the financial statements, which states that the Company’s current liabilities exceed its current assets as a result of the reclassification of the Company’s balance with IC from non-current to current liabilities. The Company has received a letter of support from its owners covering the Company’s obligations until November 2026. The letter of support does not cover a full 12-month period from the balance sheet date. Management assesses that the Company will be able to meet its obligations within the period covered by the letter of support, and on that basis the annual report has been prepared on a going concern basis until the Fund’s planned closure. Our opinion is not modified in respect of this matter. Management is responsible for Management’s commentary.​ ​Our opinion on the Financial Statements does not cover Management’s commentary, and we do not express any form of assurance conclusion thereon.​​In connection with our audit of the Financial Statements, our responsibility is to read Management’s commentary and, in doing so, consider whether Management’s commentary is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. ​​Moreover, it is our responsibility to consider whether Management’s commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s commentary is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s commentary. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is​necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. ​​In preparing the Financial Statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate​the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements. ​​As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement​resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.​Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.​Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and​related disclosures made by Management.​Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.​Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.​ Copenhagen PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Maj-Britt Nørskov Nannestad State Authorised Public Accountant mne32198 Primary activitiesThe Company's principal activities consist in a business with real estate and other business that is connected to this. Development in activities and financesThe Company's Income Statement of the financial year 1 January 2025 - 31 December 2025 shows a result of DKK ​(79,151,912) and the Balance Sheet at 31 December 2025 a balance sheet total of DKK 247,714,621 and an equity of DKK 16,032,292. Events after the balance sheet dateAfter the end of the financial year, no events have occurred which may change the financial position of the entity substantially. 14339475 13660882 7649857 6828988 6689618 6831894 -94088554 -2000000 -87398936 4831894 -8247024 1389211 -79151912 3442683 -79151912 3442683 -79151912 3442683 237000000 331000000 237000000 331000000 237000000 331000000 0 3074799 11900 44519 30948 13101 42848 3132419 10671773 4365653 10714621 7498072 247714621 338498072 3109472 3109472 12922820 92074732 16032292 95184204 2618 9705636 2618 9705636 0 74561627 0 8856511 0 138457825 0 221875963 9067435 0 38685 0 215651855 173511 1506490 5366459 320863 0 5094383 6192299 231679711 11732269 231679711 233608232 247714621 338498072 3109472 92074732 95184204 -79151912 -79151912 3109472 12922820 16032292 1 Material uncertainty related to going concernAs of the balance sheet date, the Company’s current liabilities exceed its current assets. To support the Company’s liquidity position, the parent company has issued a letter of intent, in which it states its present intention to provide continuing financial support to the Company to enable it to meet its liabilities. The support is intended to be provided for the duration of the parent company's ownership of the Company, and up to a maximum period ending on 26 November 2026, whichever is earlier. 2 Other financial expenses2025​DKK2024​DKKFinancial expenses from group enterprises6,638,0432,098,115Other interest expenses995,6003,246,869Other financial expenses16,2141,484,0047,649,8576,828,988 3 Tax on profit/loss for the year2025​DKK2024​DKKCurrent tax1,455,9941,830,897Change in deferred tax(9,703,018)(441,686)(8,247,024)1,389,211 4 Property, plant and equipmentInvestment​property​DKKCost beginning of year286,808,967Additions88,554Cost end of year286,897,521Fair value adjustments beginning of year44,191,033Fair value adjustments for the year(94,088,554)Fair value adjustments end of year(49,897,521)Carrying amount end of year237,000,000​​​​​​​The company's tangible fixed assets consist of 1 commercial properties of a total of 11.695 m2 located at Søndre Fasanvej 7, 2000 Frederiksberg. The investment property is due to the description of accounting policies, measured at fair value using the DCF model. ​​The value of the investment property is set at fair value on the basis of a "discounted cash flow" valuation model. ​The fair value is calculated on the basis of the discounted value of cash flows assuming a price adjustment of income, costs and an inflation of 2%. A weighted return requirement of 5,50% (5,50% in 2024) has been used for the valuation. A change of -0,25% points in return requirement means approx. DKK 11,29 million in changed market value and a change of +0,25% point in return requirement means approx. -10,30 million DKK in changed market value. ​​In addition, the following significant assumptions have been used in the fair value measurement: ​- In the terminal year, it is assumed that costs, maintenance, etc. corresponds to an average of a 11-year-old ​budget period. ​- As part of the valuation of the property, the DCF-model includes a vacancy period of 2 years for part of the ​property. It is a prerequisite for the valuation that a new tenant moves in.​- There is a budgeted capex of approximately DKK 60 million in the budget period.​​The investment property is valued on the basis of a valuation from an independent commercial broker. 5 EmployeesThe Entity has no employees other than the Executive Board. The Executive Officer has not received any ​​​remuneration20252024Average number of full-time employees00 0 0 6 Contingent liabilitiesThe company was jointly taxed with other group companies and was jointly liable with the other group companies for payable and unsettled corporation and withholding taxes until 28th of August 2025. ​Any subsequent corrections to the corporate tax and withtholding taxes for the period before the termination of the joint taxation can lead to a higher liability for the Company. 7 Related parties with controlling interestThe company is included in the consolidated report for the parent company AP Nordic Investment II S.à.r.l. ​​The consolidated report for AP Nordic Investment II S.à.r.l. can be requested at the following address: ​​35a Avenue John F. Kennedy ​1855 Luxembourg This annual report has been presented in accordance with the provisions of the Danish Financial Statements ​Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​value of the liability can be measured reliably. ​​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​recognition is effected as described below for each financial statement item. ​​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​measurement. ​​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​attributable to this financial year. Gross profit or lossGross profit or loss comprises revenue and external expenses. RevenueRental income comprises income from the lease of property etc., and it is reconigsed in the profit and loss account for the period relating to the lease payment. Fair value adjustments of investment propertyFair value adjustments of investment property comprise adjustments for the financial year of the Entity’s investment properties measured at fair value at the balance sheet date. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​activities. Other external expensesOther external expenses include expenses relating to operating costs, administration as well as fees to advisors and consultants. This item also includes writedowns of receivables recognised in current assets. Other financial expensesFinancial income and expenses is recognised with amounts concerning the financial year. Financial items comprise interest, realised and unrealised exchange gains and losses, amortisation of debt to mortgage credit institutions as well as interest surcharge and interest reimbursements under the Danish Tax Prepayment Scheme. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the ​income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). Investment propertyOn initial recognition, investment properties are measured at cost consisting of the acquisition price of the ​properties plus directly related acquisition costs. ​​Subsequent to initial recognition, investment properties are measured at fair value which is equivalent to the ​amount at which the individual property may be sold to an independent buyer at the balance sheet date.Fair value is determined by using the DCF model as the calculated value in use of expected cash flows from each property. To determine expected cash flows, the budgeted cash flows for each property for the next years are used, including increases in price and rent levels, and a calculated terminal value which reflects the amount of normalised cash flows expected to be generated by the property after the budget period. The cash flows so calculated are discounted to net present value by using a discount rate that is estimated to reflect current market-required yield rates for similar properties inclusive of expected inflation. The financial year's adjustments of the properties’ fair value are recognised in the income statement. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​cost. CashCash comprises cash in hand and bank deposits. Deferred taxDeferred tax is measured according to the liability method. Provision has been made for deferred tax by 22 % on all temporary differences between carrying amount and tax-based value of assets and liabilities. ​​Deferred tax is also measures with respect of the planned use of the asset and the settlement of the liability. The tax value of the tax losses to be carried forwardare included in the calculation of deferred taxes if it is probable that the losses can be used. ​​The tax-based values of tax losses carried forward are included in the statement of deferred tax if it is probable that the losses can be utilised. Mortgage debtAt the time of borrowing, mortgage debt to mortgage credit institutions is measured at cost which corresponds ​to the proceeds received less transaction costs incurred. Mortgage debt is subsequently measured at amortised cost. This means that the difference between the proceeds at the time of borrowing and the nominal repayable amount of the loan is recognised in the income statement as a financial expense over the term of the loan applying the effective interest method.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Tax receivable or payableCurrent tax receivable or payable is recognised in the balance sheet, stated as tax computed on this year's ​taxable income, adjusted for prepaid tax.Joint taxation contributions payable or receivableCurrent joint taxation contributions receivable or joint taxation contributions payable are recognised in the ​balance sheet, calculated as tax computed on the taxable income of the year, which has been adjusted for ​prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are ​expected to be used under the joint taxation arrangement. Væsentlig usikkerhed vedr. fortsat drift true Grundlag for konklusion Konklusion 2026-06-23 2026-06-23 true 2024-01-01 2024-12-31 København København K 1203 Regnskabsklasse B Revisionspåtegning 2025-12-31 2025-01-01 12 C/O Citco (Denmark) ApS, Nybrogade SF 7 ApS 37050261 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab