DENMARK - Denmark's PKA has bought an office and retail construction project in the country's capital for DKK588m (€79m), with provisional leases already secured for around a quarter of units.

The development has won high-level green criteria, and these environmental credentials will bolster the property's future value, according to PKA, which manages around DKK122bn in assets for eight labour-market pension funds.

PKA's head of property, Nikolaj Stampe, said: "Environmentally friendly properties will be in increasing demand in the future, and this will attract and retain tenants and help secure the property's value."

PKA acquired the project near Flintholm Station in the west of Copenhagen from NCC Property development.

NCC Property Development will conduct and complete the project itself on behalf of PKA as owner.

The deal consists of land and a 29,000 square metre combined office and retail project.

The project, designed by Vilhelm Lauritzen Architects, is the largest office building in Denmark to be environmentally certificated as 'very good' by international organisation Breeam.

PKA said the certification acknowledged an improvement in the building's impact on several significant environmental factors, such as materials, water use, waste management, transport, energy consumption and pollution.

Stampe said: "PKA has considered the climate in its investments for several years, and, as a professional investor, we want to exercise responsibility in relation to our property investments.

"This is both good business in the long run and quite in keeping with our members' wishes."

Building work began this month and is due to finish in the summer of 2012.

Marius Møller, director at NCC Property Development, said the sale of the building project to PKA, as well as Dan-Ejendomme's choice to take on the leases, showed its 'Company House' concept - used for this project, as well as previous NCC buildings - had much to offer tenants.
 

Topics