In its third large Copenhagen property deal this year, Norway’s Kommunal Landspensjonskasse (KLP) has bought the headquarters of advisory firm Deloitte for DKK1.4bn (€187m).
KLP announced it has signed a contract to buy the 2005-built glass-fronted building on Weidekampsgade 6, which has about 38,000sqm of leasable space, from Deloitte Fonden with the transaction due to complete on 20 December.
The latest purchase brings KLP’s total 2019 spend in the Danish capital to just over DKK2.5bn.
In November, it bought another office building close to the Deloitte property on the Islands Brygge waterfront of Copenhagen’s Amager Island, at Weidekampsgade 12-16 for DKK1.1bn.
Earlier this year, it acquired the headquarters of Norwegian software company Visma at EC Hansen House in Carlsberg Byen in a DKK25m deal.
Gunnar Gjørtz, chief executive of the NOK745bn (€74bn) pension fund’s property arm KLP Real Estate, said: “We are concerned with increasing our total portfolio in Copenhagen.
“When we buy, we keep our properties in an ‘endless perspective’ i.e. we are not in the market for short-term profits,” he added.
Gjørtz described KLP’s recent work in the Danish property market as a success: “We have secured three high-quality buildings with attractive tenants that supplement our real estate portfolio across Copenhagen well,” he said.
On KLP’s investment targets for 2020, he said the municipal pensions provider intended to grow its real estate portfolio within all its active markets, such as offices, hotels and shopping, in Oslo, Trondheim, Copenhagen and Stockholm, as well as London - where it would focus only on hotels
“From a portfolio perspective, we want to be invested in all the Scandinavian capitals and we were underweight in Denmark. And besides, we like the Danish atmosphere,” he said.
