A new 15,000-capacity arena is to be built in Copenhagen, Denmark, after the local authority and philanthropic investment foundation Realdania approved funding for the development.

The City of Copenhagen and Realdania have agreed to provide DKK650m (£76m, EUR87m, US$119m) towards the DKK1bn (£117m, EUR134m, US$183m cost of the indoor facility.

International consultants Davis Langdon, an AECOM company, has been involved with work to secure the funding for the project, along with procurement specialists IPW.

The balance of the scheme cost will be met from commercial sources and it is now anticipated that work will be completed on the development in 2015.

Efforts to secure an operator on a 25-year lease have now entered the final phase of tendering, with AEG and Live Nation both believed to be in the running for the contract.

James Clark, project lead and head of Davis Langdon in Denmark, said: "With funding having been approved, we are now looking forward to implementing the rest of the strategy to deliver a world class facility for Copenhagen."