DENMARK - Labour market fund PensionDanmark is expanding its portfolio of domestic real estate with a new DKK500mn (€67m) investment in Århus.
The latest addition brings the DKK88.3bn provider's allocation to domestic property to 6% of total assets.
Torben Möger Pedersen, managing director of PensionDanmark, said: "It is a significant expansion of our investments in property, which will secure a good, safe return for members."
The development, called Isbjerget, is to be located in the harbour of Århus, Denmark's second largest city, and will consist of 210 residential units.
With this new investment, PensionDanmark will have invested a total of DKK6bn in Danish property - corresponding to a roughly 6% of members' savings, fund officials said.
The agreement between Århus Council, which is selling the land, and PensionDanmark, as the purchaser and property owner, will give the city's residents "world-class architecture, with homes right on the waterfront", they added.
Construction is expected to be completed in March 2013.