PensionDanmark has been investing in residential property since 2006. The company has been in charge of project development and taken on the role of builder before either selling or renting out the properties. The properties include large landmark buildings such as Isbjerget by the approach to Aarhus Harbour, Kanalfronten in Vejle and Horisonten in Ørestaden. The company's property portfolio comprises 700 apartments with a combined footprint of 73,000 sqm.
"The sale of our residential property portfolio will generate a healthy profit while allowing us 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," says PensionDanmark CEO Torben Möger Pedersen.
The parties have agreed not to disclose the sale price.
PensionDanmark's investments in Danish property stand at just under DKK 10 billion. In the coming years the company expects to invest around DKK 2 billion a year in property. PensionDanmark is currently the builder of six large commercial property projects, either acting alone or with other investors. The developments include new premises for Alfa Laval in Aalborg, Semco Maritime in Esbjerg, Nordea Bank Danmark in Ørestaden, NCC in Gladsaxe and MTH in Søborg as well as a new psychiatric hospital in Vejle.
Buyer: NREP Nordic Strategies Fund
The transaction includes the following properties:
Isbjerget, Aarhus Harbour
Kanalfronten, Vejle Harbour
Horisonten, Ørestad City
Horisonten II, Ørestad City
Baunebo, Kgs. Lyngby