Danish pension provider PKA is building 85 apartments in the Copenhagen suburb of Rødovre for DKK175m (€23.5m).
The project is part of a larger redevelopment of land and buildings comprising the former headquarters of grocery chain Irma, known as IrmaByen (Irma City).
Nikolaj Stample, head of property at PKA, said there was link between the project and its recent investment to redevelop the Copenhagen Wholesale Market (Grønttorvet).
“In a similar way to Grønttorvet, IrmaByen is being developed into an entire new city district, and we at PKA saw the opportunity to be involved in helping shape this development,” he said.
“We will build high quality homes and at the same time get a good return for our members’ pensions.”
PKA’s development in the IrmaByen project will involve 8,400sqm of space and include two six-storey blocks with a total of 85 apartments.
The overall IrmaByen project is being led by ELF Developments, and is set for completion in 2020.
PKA said it will have 115,800sqm of space, mainly in the form of homes, shops and commercial property, including the Kaffeetårnet (coffee tower), a 34-metre-high building which is being preserved.
PKA has DKK235bn in assets, including DKK16.6bn in property in Denmark, and around DKK2.3bn in foreign real estate.
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