Danish engineers’ pension fund ISP Pension and JØP, the scheme for lawyers and economists, have sold their stakes in Danish property company DADES.

Insurance group Trygheds and healthcare firm Novo jointly took a 49.2% stake in DADES, which has a gross asset value of DKK16.9bn (€2.26bn).

ISP and JØP, as well as Danske Bank and Bevica Fonden, were among sellers of stakes.

DADES, which invests in Danish shopping centres and office properties, also owns property management firm DATEA.

The Aase foundation and Ejnar Danielsens fund remain the biggest shareholders in DADES with a 47.3% stake.

Erik Eliasson, chief executive of Leimdörfer, part of Brunswick Real Estate, which advised on the deal, said: “It is a growing trend that non-traditional investors are increasingly looking at the real estate market when seeking to grow or diversify their portfolios.

“The market liquidity is strong, and a lot of international capital from sovereign wealth funds, corporates, private equity and other sources are now targeting the Nordics.”

Topics