PensionDanmark has bought two office properties in Aarhus, its first direct investment in commercial units in Denmark’s second city.
The two properties, acquired for DKK555m (€74.5m), come as part of the pension provider’s efforts to diversify its commercial property portfolio.
The deal sees it assume ownership of 23,600sqm of office space across the multi-tenant Company House in the district of Skejby, adjacent to several colleges, and a property in central Aarhus used by consultancy BDO Denmark as its headquarters.
Torben Möger Pedersen, chief executive at PensionDanmark, said both properties were attractive for their vicinity to a new light rail line, the Aarhus Letbane, set to open within a year.
“We expect the investment to provide a good, and stable, return,” he said.
Torben Black, chief executive of seller OW Obel Ejendomme, praised the pension fund as one of Denmark’s largest and most reputable landlords.
The pension fund also recently completed its first direct hotel transaction, buying the Comwell Hotel in the Zealand town of Roskilde.
All three investments come as a part of PensionDanmark’s strategy to invest DKK2bn a year in domestic real estate, focusing on energy-efficient units.
It last year appointed Marius Møller, formerly of NCC Property Development, as director of real estate.