DENMARK - Danish pension funds PensionDanmark and Lægernes Pensionskasse, and Swedish financial group Nordea Life have purchased a sustainable office development in Denmark through a joint venture.

The three institutional investors bought Zenit Company House, which is still under development in Aarhus, Denmark through their Ejendomspartnerselskabet vehicle.

The joint venture was set up in 2003, and saw Nordea Ejendomme holding 49% of the assets, while  Lægernes Pensionskasse received 25.5% for its investment and PensionDanmark held 25.5%.

The Zenit House development was sold by Swedish company NCC Property Development for approximately €26.4m.

NCC said the office building will be classed as a "green building", because its energy consumption is expected to be at least 25% lower than the prevailing norm.

"NCC has developed and constructed 14 green buildings in the Nordic region. An increasing number of investors and tenants are demanding environmentally-smart buildings for climate and cost reasons," said Joachim Hallengren, president of NCC Property Development.

The stages of the building currently being sold by NCC comprise 10,000 square meters of office space.

A total of 77% of the building has already been leased and the largest tenants include RGD ReVision and the insurance company Tryg Vesta.

Zenit Company House is located centrally on one of the key entrance roads to Aarhus, Denmark's second-largest city.

The first of the two stages of the development will be completed in March 2010 and the second in December 2010.

The developers plan to then build an additional two stages with 3,500 and 7,000 square metres of floor space, respectively, increasing floor space to a total of 20,500 square metres.