Norwegian municipal pension fund KLP has bought a large office property in Copenhagen for the second time this year, signing a DKK1.08bn (€144m) deal with Langebro Eiendom.

The purchase of Weidekampsgade 12-16, at the northern end of Amager island, is part of KLP’s strategy to increase its allocation to real estate and follows the acquisition of the office building EC Hansens Hus in the Carlsberg Byen quarter earlier this year.

A spokesman for the NOK745bn (€73.3bn) KLP said the investor is always open to suitable real estate investments in markets in which it operates.

Gunnar Gjørtz, CEO of the pension fund’s property arm KLP Eiendom, said: “We have had a desire for a larger portfolio of good office properties in Copenhagen, and are pleased to be carrying out our second major Danish transaction this year.”

The 11-year-old building was developed by the Norwegian family companies Hathon Eiendom and Havfonn.

There is some vacany in the 27,100sqm building and tenants include SimCorp, VP Securities and Gen Re.

When fully let, annual rental income is expected to be around DKK38m, KLP said.