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ATP, PensionDanmark consider joint property, infrastructure deals

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DENMARK - Two of Denmark's largest pension funds, the DKK104.5bn (€14bn) PensionDanmark and ATP, are considering joint property and infrastructure deals.

The announcement, made by PensionDanmark's managing director Torben Möger Pedersen, comes as the schemes finalised a joint purchase of three department store buildings, the country's largest real estate deal in 2010.

Möger Pedersen said: "This is our first joint property investment with ATP. We hope the investment co-operation can be further expanded in the coming years with regard to properties, but also infrastructure could be a possibility."

The three properties bought currently house Magasin department stores and are in Lyngby, Aarhus and Odense.

ATP Ejendomme, the property investment company of the DKK516bn scheme, and PensionDanmark acquired the buildings in a joint investment with equal shares of 50%.

Neither party would disclose the price, but a spokesman for PensionDanmark said the deal was the largest in Denmark last year.

The properties were sold by Magillum Properties A/S. Magasin, the current tenant, is part of the UK-listed Debenham Group.

Möger Pedersen said the deal marked the fund's first investment in retail properties.

"They make a really good supplement to our existing portfolio of office and residential properties," he said.

"The three department stores all have prime locations and an attractive tenant, and, consequently, we expect a good return on our members' pension savings."

ATP Ejendomme managing director Michael Nielsen said the investment was a good addition to existing properties.

"We have observed that retail properties have a different risk profile compared with office properties, and this investment contributes to fulfill our objective that 20% of our properties should be in this segment," he said.

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