Denmark’s PFA Pension, Juristerne og Økonomernes Pensionskasse (JØP) and Danske Civil-og Akademiingeniørers Pensionskasse (DIP) are investing €148m in Carlsberg real estate assets.

The three pension funds have taken 49%, 34% and 17% stakes, respectively, in the partnership, buying six residential real estate assets from the Carlsberg Foundation.

Carlsberg has owned the properties since before World War II.

Professor Flemming Besenbacher, chairman of the Carlsberg Foundation, said: “I am very pleased we have managed to reach agreement with three highly regarded Danish pension funds that have long-term investment profiles and extensive experience with property – an agreement that will continue the companies’ real estate activities for the benefit of current and future tenants.”

The move by PFA, JØP and DIP follows a recent investment with Carlsberg by PKA, which administers three Danish labour-market pension schemes.

PKA last year invested up to DKK2.4bn (€322m) in debt for the Carlsberg City project in Copenhagen. 

The pensions firm made the money available as a loan facility for the redevelopment of the former Carlsberg brewery site in western Copenhagen.