DENMARK - Finanssektorens Pensionskasse, the Danish pension scheme for financial sector workers, has outsourced the administration of its Danish residential properties and leases to Dan-Ejendomme.

The property management firm took on the administration of Finanssektorens Pensionskasse's (FSP) portfolio of more than 20 residential buildings and just under 1,100 leases in Denmark this month, the fund said.

Dan-Ejendomme specialises in the administration of property for pension funds and other clients, and has set up a number of systems for both tenants and pension funds, according to FSP.

"The changeover to Dan-Ejendomme means more effective administration for FSP Pension," said Helle Haugsted, FSP's head of real estate.

"Dan-Ejendomme puts a high priority on reporting to owners, and many of the routine functions are automated through IT systems."

Haugsted also said FSP has started working with Cura Management, to receive strategic advice about the pension fund's properties.

This includes advice on the sale of properties, as well as their modernisation in order to increase values and rental income and other strategic initiatives, FSP said.

Cura Management is a subsidiary of Fionia Bank, which is one of FSP's biggest clients, it added.

From the point of view of tenants, FSP said the cooperation with Dan-Ejendomme would give customers a new electronic means of searching for a new home, obtaining revaluations and individual tenants would be able to get more information about their property.

"This will contribute to FSP being able to offer a better service in connection with renting out its residential properties," the fund said.

FSP revealed last month it was increasing the real estate exposure of unit-linked members, to improve diversification of their assets.

As part of that arrangement, the pension provider invested up to 15% of its low and medium-risk funds in the Ei invest European retail fund. (See earlier IPE Real Estate story: FSP raises ceiling on property)

FSP has total assets of around DKK23bn (€3.08bn).