Danish labour-market pension fund PensionDanmark has bought its first hotel property in a DKK267m (€35.8m) deal.

The pension fund bought the Comwell Hotel in the Zealand town of Roskilde from the AKF Group (AKF Koncernen).

In the deal, PensionDanmark bought the AKF Group subsidiary Himmelev, which in turn owns the property.

Torben Möger Pedersen, chief executive at PensionDanmark, said: “In Comwell, we have a solid tenant, and with the view over Roskilde Fjord, this modern hotel has an attractive location both for tourists and as for conference purposes.”

He said the investment would secure a good, stable return for scheme members for several years.

The property previously housed Roskilde College (Højskole) and was re-developed into a hotel with conference facilities in 2002.

The hotel has 159 rooms and total floorspace of 12,500sqm.

Meanwhile, Finnish pension fund Keva has outlined its new environmental strategy for its real estate investments, aiming to make a big cut in energy and water use over the next five years.

The public sector and church pension fund said environmental aspects were a crucial part of its responsible and cost-efficient real estate investment operations.

“The company’s new environmental strategy for 2016-20 sets out to reduce energy consumption by 7% and water consumption by 10% in Keva’s direct investment properties,” the pension fund said.

Keva aims to boost the proportion of green electricity its properties used to 15% by the end of 2020.

In addition to this, it plans to implement the LEED and BREEAM environmental classification systems in its construction projects and properties.

“Keva will also acquire certificates for the most significant properties to undergo renovations,” it said, adding that it aimed to include the users of its properties in the work to reach its environmental goals.