Investor trio buys Copenhagen's UN City for EUR 282m

A three-way consortium comprising Copenhagen City & Port Development and pension funds ATP and PensionDanmark has acquired the 45,000 m² United Nations headquarters in Copenhagen for more than DKK 2.1 bn (EUR 282 mln).

The deal also includes building rights for two office tower blocks covering a total of 60,000 m².

ATP and PensionDenmark are taking a majority stake in the project, at 45.75% each. Copenhagen City & Port Development will hold the remaining 8.5%.

'The investment in the UN City tallies very well with our strategy of investing in real estate,' said Lars Rohde, CEO of ATP. 'In addition, we are looking forward to participating in the development of the new office buildings at Langelinie and Marmormolen, which are among the best locations in Copenhagen.'

Torben Möger Pedersen, CEO of PensionDanmark added: 'The investment at Marmormolen will yield good and steady returns to our members. That is important given the current uncertainties in the financial markets and record-low bond yields.'

Catella advised the buyers on the creation of the consortium acquiring the property.

With more than 1,000 United Nations employees, Copenhagen is the world's sixth-largest UN city. UN City will provide more than 28,000 m² of office space for 1,200 UN staff members and a fully automated high bay warehouse taking almost 40,000 m3 of goods for development and emergency projects around the world. The first stage of construction of UN City is expected to be completed in 2013, with the second stage following a year later.

Copenhagen City & Port Development was set up in 2007 to develop Copenhagen's Ørestad area and the harbour.