AP Pension has revealed itself as the buyer of two office properties in Copenhagen for SEK3.9bn (€335m), a sale that was announced by Corem last week.
The DKK170bn (€22.8bn) Danish pension fund has bought the Codanhus office tower in the city centre along with the offices of Poul Schmith, Kammeradvokaten (legal adviser to the Danish Government), at Kalvebod Brygge 32, from the listed Swedish real estate company Corem.
Corem said on Friday that it was divesting the two fully let properties, containing some 30,300sqm and 31,000sqm of lettable space respectively, to “a foreign actor” for around SEK3.9bn - a price it said was in line with the book value.
AP Pension has confirmed its real estate subsidiary AP Ejendomme was the buyer, and said the transaction might well turn out to be Denmark’s largest property deal of 2023.
Peter Olsson, chief executive officer of AP Ejendomme, said: “We are pleased to have been given the opportunity to supplement our portfolio of large, modern and exclusive office properties in Copenhagen with these two attractive properties, which will give us an extremely competitive return and a very high tenancy security.”
He also said he saw a new development in the real estate market.
“The deal between AP Ejendomme and Corem shows that the market has corrected itself so much that buyers and sellers have found each other again in a place where the valuations provide value for both parties,” Olsson said.
AP Ejendomme was advised in the transaction by Colliers, Poul Schmith, Bruun & Hjejle, Deloitte and Bytoft Consulting, while Corem was advised by CBRE, Kromann Reumert and Breinholt Consulting.
Peter Winther, executive director at Colliers said the deal showed “that buyers with strong capital and decisiveness in uncertain times with low activity have the opportunity to make very attractive investments”.
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