Danish labour-market pension fund PensionDanmark is buying an office development in Denmark’s second-largest city Aarhus from NCC Property Development for DKK610m (€82m) - investing in an office design concept it has bought before.

The pension fund said the commercial property at Frederiks Plads II, which has 17,000sqm of space overall, already had two tenants in the form of financial firms Nordea and KPMG.

With work on the building due to be completed at the end of this year, some space was still available on floors eight to 12, the fund said.

PensionDanmark said the office development was being designed according to NCC’s Company House concept, adding that it already owned one Company House on Frederiks Plads, two in Aarhus’s Skejby district and two more in Denmark’s Gladsaxe and Vallensbæk municipalities.

Marius Møller, director of real estate at PensionDanmark, said: “The concept of flexible and sustainable office space is in great demand among the tenants, and with this purchase, PensionDanmark now owns a total of six Company Houses.”

Located in the centre of Aarhus, PensionDanmark said Frederiks Plads was a small district comprising homes, offices and shops with trees and green areas, which NCC had been developing since 2014.

NCC said this sale marked the end of its development in the area, in which it had built three towers with apartments and around 20,000sqm of office space.

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