Heimstaden Bostad confirmed today that it has sold a large residential property it developed in a Copenhagen suburb to the Danish labour-market pension fund PenSam.
The European residential property firm said the DKK170bn (€22.8bn) occupational pension fund completed the purchase of the asset, Kamilliehuset - which comprises 145 residential units - by late December 2024.
The property was competed in 2022, Heimstaden Bostad said, and spans 19,959sqm in all, including 13,397sqm of residential space, 1,079sqm of commercial space and 5,483sqm of parking.
Jeppe Starup, PenSam’s head of private capital and real assets, told IPE Real Assets the investment strengthened the pension fund’s portfolio of rental properties “and supports our ambition to build a portfolio of quality assets with a strategic focus on the greater Copenhagen area within both residential and commercial real estate”.
“The property’s great location, solid qualities and long-term value will contribute to our goal of delivering stable and attractive returns to our 500,000 pension members,” he said.
Heimstaden Bostad was set up in 2013 by Norwegian billionaire Ivar Tollefsen’s real estate company Heimstaden and Sweden’s largest pension fund Alecta.
Christian Fladeland, co-chief executive officer of Heimstaden, said: “We are pleased to transfer this high-quality asset to a new, dedicated owner who will continue to serve the tenants.
“This is a testament to our value creation via hands-on asset management throughout the development, leading to the stabilisation of the asset and, eventually, this divestment,” he said.
The seller said Kamilliehuset was located centrally, being 900 metres from the centre of Rødovre, a west Copenhagen suburb.
According to a report on Danish property news service Ejendomswatch, the transaction was worth just under DKK500m.
Asked for confirmation to IPE Real Assets, however, PenSam declined to disclose the size of the investment.
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