Denmark's Lægernes Pension continues to offload direct property holdings
DENMARK - Lægernes Pension, the Danish pension fund for doctors, has sold nine residential properties after announcing its intention late last year to offload all remaining direct property holdings.
All nine properties are located in and around Copenhagen.
The buyer is CC Properties III ApS.
Most of the homes were subject to paragraph 100 of the Tenancy Law (Lejeloven), the pension fund said, and they would therefore be offered to current tenants as cooperative housing.
Lægernes Pension said in October 2011 that it would probably sell the rest of its direct property holdings within a short time.
The pension fund today declined to say whether these latest sales represented all of its remaining direct holdings.
Between 2005 and 2008, the fund sold a significant portion of its total of nearly 3,400 flats because it was able to get a very attractive price due to the high prevailing market prices, it said last autumn.
At the same time, the pension fund decided that its real estate investment should be conducted through property funds.
By October, Lægernes Pension had invested in seven funds, jointly owned with other institutional investors.
The funds invest mainly in foreign residential and commercial property, which ensures broad diversification and therefore a better risk/return ratio, it said.
Lægernes Pension had DKK56bn (€7.5bn) in total assets at the end of 2010.