DENMARK - Danica Pension is investing around DKK250m (€33m) in a 10,766 square meter residential and retail project to build a tower block in Copenhagen.

The firm Arkitektgruppen is developer and lead contractor of the project.

The building will be sited in the Amager Strandpark district of the capital city, and at 21 storeys, will be the tallest in the area.

Around 1,100 square meters of the space will be for shops, the rest for homes. The 101 residential units will be designed by Årstiderne Arkitekter and rented out.

Christian Olsson, head of property at Danica Pension, said: "We will own the property for many years, so our focus is on creating a quality rental building that our tenants will be happy to live in, and one where we avoid vacancies and high maintenance costs."

He said the location was an attractive one that would a few years ago have been sold to owner occupiers rather than to a pension fund.

"We are proud to have succeeded, together with Arkitektgruppen, in putting together a profitable project where we are creating a great rental property with fantastic views, where housing rents continue to be reasonable," Olsson said.

Both Danica Ejendomme (properties) and Arkitektgruppen have been involved in the district already, Danica said.
Arkitektgruppen is currently building the first residential units in the area on the corner of Øresundsvej and Amager Strandvej, involving 49 owner-occupied homes and around 1,800 square meters of retail units.

Danica Ejendomme is building a further 130 homes on Krimsvej, also as rental properties.