DENMARK - The Doctors' Pension Fund in Denmark, Lægernes Pensionskasse (LP), has sold two fully-let offices in Copenhagen to Aberdeen Property Fund Denmark, but will be paid half of the €17.8m acquisition price in cash and half in fund shares.

Aberdeen Property Investors, which manages the fund, did a similar deal with the Danish Pension Fund for Engineers (DIP) in January, when it acquired a portfolio of seven properties.

LP has been looking to diversify its predominantly directly-held domestic property portfolio by investing internationally in real estate funds in recent years.

"It has been important for us to replace our direct property ownership with an indirect ownership," said Niels Lihn Jørgensen, chief executive at LP.

"Aberdeen, which is an actively managed fund with a proven track record and a group of shareholders comprising renowned Danish and international investors, is an excellent element in our future strategy for property investments."

The two office buildings in the deal cover approximately 5,000 square metres each.

Aberdeen calculates it will receive a return of 6.75% for the building in Bomhusvej and 5.75% for the asset in Pilestræde.

The fund manager also expects to increase the value of the properties through active management.

"We are proud to be able to meet the investors' continuously growing demands to professional property management in a strong, tested and transparent structure," said Tonny Nielsen, chief executive for Aberdeen Property Investors Denmark.

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