PensionDanmark has sold its entire residential property portfolio to a fund managed by Nordic Real Estate Partners for an undisclosed sum.
The portfolio includes 700 apartments in the Copenhagen region, Vejle and Aarhus, with a combined footprint of 73,000 square metres.
NREP Nordic Strategies Fund will acquire Isbjerget, Aarhus Harbour; Kanalfronten, Vejle Harbour; Horisonten, Ørestad City; Horisonten II, Ørestad City; Baunebo, Kgs. Lyngby; Søparken, Måløv; Revyhaven, Frederiksberg; and Amerikaplads, Østerbro.
PensionDanmark CEO Torben Möger Pedersen said the sale will generate a “healthy profit”, while allowing the fund to develop new residential property projects.
“We are well underway with a large project at Islands Brygge in Copenhagen, where we will be building between 500 and 600 new homes over the next couple of years.”
Denmark’s largest labour market pension company, and fourth largest provider overall, PensionDanmark has been investing in residential property since 2006. The company’s investments in Danish property stand at just under DKK 10bn (€1.34bn). In the coming years the company expects to invest around DKK 2bn (€286m) a year in property.
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