An upcoming arena development in Copenhagen has finally been given a name after the Royal Arena in Denmark was christened following a long-term sponsorship agreement with beer makers Royal Unibrew.

Work on the arena – which is being built at a cost of €134m (US$182m, £107m) and will seat up to 15,000 people – is progressing on schedule with an expected completion date of Q3 2016.

The agreement between Royal Unibrew and English Venue Enterprise is one of the top five largest of its kind in the region. Though the fee has not been revealed, it is thought that money made from the deal has been put back into the construction of the arena.

Designed by a team consisting of 3XN, HKS and Planit IE, the arena – which will mainly host ice hockey, handball and concerts – will have a “distinctly Nordic” design, with Arup and ME Engineers handling the construction side of things.

The majority of funding has come from Realdania and Copenhagen Municipality, which have both supplied €43.5m (US$59.3m, £34.9m), while the Elite Facility Committee has supplied an unspecified construction grant, with further operating grants expected from the Danish National Olympic Committee and Sports Confederation of Denmark.