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In 2017, PensionDanmark invested in one of Denmark’s leading mortgage lending providers.

Nykredit is Denmark’s largest provider of mortgage loans for Danish homeowners, businesses and agriculture with a market share of more than 40 per cent of the Danish mortgage lending market. The company has, due to its leading mortgage lending business, an attractive risk profile with an outlook for long-term stable earnings.

Nykredit is headquartered in Copenhagen, Denmark. In addition to its mortgage lending business, activities include banking, asset management, insurance and real estate agency. The company provides loans across the country primarily through Totalkredit, a distribution network centred around a large number of cooperating local banks. Due to its strong market position, Nykredit is well positioned to continue to drive significant value creation through its business operations.

PensionDanmark invested in Nykredit together with a consortium of like-minded Danish pension funds, all with a long-term investment horizon and a mutual interest in creating stable and competitive returns for the pension funds’ members. The investment was completed in 2017, where the consortium of pension funds acquired 16.9 per cent of the share capital in Nykredit for a total consideration of DKK 11.6bn. PensionDanmark’s investment is DKK 1.65bn (corresponding to a 2.4 per cent ownership stake). In addition to PensionDanmark, the consortium includes PFA, PKA, AP Pension and MP Pension.