PensionDanmark has invested in three properties across Denmark for DKK1.2bn (€161m), more than half of its annual planned new real estate investment.
The DKK171bn labour-market pension fund bought the office buildings in the Danish towns of Ballerup, Odense and Aalborg from local government-owned IT organisation Kombit.
The three properties, which total 88,000sqm, are let to IT firm KMD.
Torben Möger Pedersen, chief executive at PensionDanmark, said the investment in the three KMD properties was part of its strategy to expand its portfolio of well-located office properties with solid tenants on long leases.
He said the fund expected the investment to give members a “good return” over the coming years.
Including the three property deals, PensionDanmark has now invested DKK11bn in Danish real estate.
The fund plans new investment of around DKK2bn a year in properties in its home country.
The Ballerup property is the largest of the three with 45,960sqm of space, followed by the Aalborg property with 25,981sqm.
The property in Odense has 16,694sqm of space.