The property arm of Denmark’s largest pension fund ATP announced it has sold the Brussels office property North Galaxy to Korean investment company KB Securities for DKK4.5bn (€605m), calling it the largest single real estate transaction in the fund’s history.

ATP Real Estate said that in 2014 when it bought the asset - which has housed several branches of the Belgian government including the Belgian Ministry of Finance - that deal had also been the biggest international property investment ever made by a Danish investor.

The DKK858bn Danish pension fund bought North Galaxy in a 90/10 joint venture with AXA Belgium for €475m.

André Scharf, CIO at ATP Real Estate, said: “After eight years of ownership and with the help of our partners, we are now passing on the baton and realising a satisfactory return for ATP’s 5.4 million members.”

Scharf said the return generated from the investment had exceeded ATP’s original expectations. “The sale also gives us the opportunity to manoeuvre our portfolio in the direction of the Danish market, where we can get closer to our customers with more direct and active ownership,” he said.

Built in 2004, the property located in Brussels’ District Nord comprises total area of 122,000sqm spread over two 28-storey towers and a smaller six-storey tower.

Seoul-headquartered investment bank KB Securities has $4bn in capital and $100bn in assets under management, and is part of the KB Financial Group, according to ATP.

Knight Frank Investment Management advised KB Securities on the transaction.

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