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Wednesday, April 24, 2024 | Back issues
Courthouse News Service Courthouse News Service

Denmark aims to rebuild historic stock exchange after blaze

Authorities continued to battle small flames a week after a devastating fire at one of Copenhagen’s most iconic buildings, slowing investigative and restoration efforts. Experts say it could cost hundreds of millions of dollars to rebuild Børsen.

COPENHAGEN, Denmark (CN) — Eight days after a blaze decimated one of Denmark's cultural and economic landmarks, the capital's fire department returned to the ruins of the historic stock exchange as embers continued to smolder.

A fire broke out on the Børsen’s copper-laced roof and quickly ate its way through the 400-year-old building early on April 16, burning for days and shocking the Nordic country.

Now, as the stock exchange transforms from a danger zone to a construction site and scene of an investigation, Danes wonder what it will take to restore the building, originally erected under King Christian IV in the 17th century.

Brian Mikkelsen, CEO of the Danish Chamber of Commerce, which owns and occupied Børsen, quickly promised that it would be rebuilt “no matter what.”

Leif Hansen is an architect for the Danish Chamber of Commerce who worked to restore Børsen’s facade before the fire. Now, his team is collecting as many materials as possible from the ruins, so they can rebuild the original construction.

“Luckily, 40% of Børsen still stands. My hope is that we can continue the work as planned, meaning that we complete a new copper roof and restore the outer walls with a new façade, sand tiles and handmade bricks,” Hansen said.

He called the fire catastrophic and projected it could take 10 years or more to rebuild Børsen. Hansen noted that the team of architects and craftsmen must also remake the building's famous spire with four dragon tails, which collapsed in the fire, and re-create the iconic hall with hand-cut wooden beams and stucco on the ceiling.

Despite the massive size of the project, Hansen was confident that Børsen can be restored completely. However, he said the schedule and financing are unknown factors.

“Restoring Børsen is extremely important for me on a personal level and for the whole country. After the fire, we have seen how people cared for the building. Everyone has been very sad,” he said.

The restoration team cannot get to work at the site before officials declare it safe.

The Chamber of Commerce and the Danish government’s Agency for Culture and Palaces may authorize a complete replica of the old building with all its details — a complicated task that could cost hundreds of millions of kroner (dollars), experts told national broadcaster DR.

Morten Midtgaard Fogt, a professor of civil and international law at Aarhus University, said any reconstruction would cost a lot in money and resources, especially because architects must comply with regulations for historic protected buildings. Special artisans could be called to rebuild parts of the centuries-old interior and exterior.

When it comes to financing the “new” Børsen, it all depends on the insurance payout, Fogt noted.

“The Chamber of Commerce has insured the building, but we don’t know the extent. Depending on whether it coves 50% or 75% of the reconstruction costs, they have to consult either the Danish state or private funds to secure more means,” said Fogt.

The source of the fire is still unclear. Police technicians, along with the National Forensic Services, face a tricky task since potential clues have vanished into the ashes and heavy objects block passageways.

Fogt said that right now, the fire appears to have been an accident. There are no signs that workers, employees or passers-by caused the early morning blaze, so no one is liable.

No one was injured in the fire, and workers restoring the façade left the scene quickly. Civilians, police, museum staff and politicians managed to save valuable paintings and cultural artifacts as the fire spread. Fire and police authorities worked for days to keep the flames and smoke under control in the city center.

Børsen, one of Copenhagen’s landmarks, has hosted important political, financial and cultural events over several centuries. The building was not normally open to the public.

It used to be the main trade hub in Denmark and the north — surrounded by water on three sides, so ships could sail up and unload goods for the marketplace. The three crowns on the original spire symbolized Denmark, Norway and Sweden.

Categories / Financial, International, Politics

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