Denmark's Industriens Pension has acquired an office property in Aarhus, Denmark from Standard Life for an undisclosed sum, representing a yield of 4.6%.
The Europahuset asset is a 10,000 m2 multi-tenant office space, located centrally.
'We are really happy that we managed to buy one of Aarhus's most distinctive and interesting properties. With the renovation of the square, good shopping opportunities and cafes near the river, the light rail, and the future development in the area, this location is just getting better and better. It is a long term investment that will help ensure a stable good return to the members of Industriens Pension,' commented Peter Frische, property investment manager at Industriens Pension.
Industriens Pension, the fund for Danish industrial employees, is currently focusing on building a large property portfolio in Aarhus and Copenhagen, with around DKK 5 bn (€627 mln) to spend in the coming years.
Europahuset was developed by Capital Investment on behalf of an overseas customers. CBRE was responsible for both the rental and sale of property.
The vendor was advised by Capital Investment, CBRE, Plesner and E & Y.
The buyer was advised by Accura, Deloitte, NIRAS and DEAS.
