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Sunday 25 August 2019

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Danish PFA builds senior housing community

Written by Sunniva Kolostyak
12/08/2019

Pension provider PFA has acquired a building site in Odense, Denmark, with the intention of building 86 flats as part of a housing community for seniors.

The Gartnerbyen site will consist of 86 senior-friendly flats, with two to three rooms, from 65-95 square metres. The project also includes a 380 square metre community building and a shared green courtyard.

PFA said the construction is the first of its kind for PFA and part of a strategy to build and develop housing which targets the growing group of seniors looking for affordable housing.

PFA real estate director Michael Bruhn noted that it is important that these developments are centrally located and offers residents the opportunity to be part of a social community.

“In the coming years there will be a significant increase in the senior segment, and although they are largely healthy and active, their needs and preferences will be changing with age. For example, there may be a desire to spend less time gardening or maintaining a large home and an increasing need to prioritise interests and communities.

“That is why we are building senior housing communities, to help increase the quality of life for the target group. At the same time, it is a solid and long-term investment that will make a positive contribution to the pension savings of PFA's customers,” Bruhn said.

The Gartnerbyen development will be finished towards the end of 2020, according to PFA’s estimates. The provider is also in the process of building a similar housing community in Horsens, which will be completed by the end of 2022.

Figures from building association Realdania has previously revealed that the number of seniors interested in moving into a senior housing community is expected to grow from 80,000 today to over 140,000 by 2040.

PFA chief portfolio manager Mikael Fogemann commented: “At PFA, we follow a track in our Danish real estate investment strategy, where we realise different types of housing for the senior segment. In the development of the senior housing community in Odense, we have tested a model in which we collaborate with Odense Housing Company on the operation of the communal facilities – this will be an advantage for both PFA's private rental housing and general housing, as Odense Housing Company has experience in operating this type of community.”



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