Denmark’s largest commercial pension fund PFA has invested $500m (€458m) in residential assets in the US, buying a 49% stake in a $1.05bn portfolio owned by US real estate developer Simpson Housing, according to the US firm’s asset manager.

Domain Capital Advisors said it was providing oversight and asset management to the newly-formed real estate investment trust (REIT) joint venture.

PFA was unavailable for comment with Denmark on a national holiday today.

The multifamily portfolio, which was owned by Simpson Housing, is located in high-growth US markets including Austin, Charlotte, Denver, Houston, Nashville, Phoenix, Portland and Seattle, Domain Capital Advisors said.

The portfolio consists of 3,487 units, which are roughly six years old and more than 95% leased at closing, it said.

“The portfolio serves a mix of urban and suburban lifestyles with both newly built and refurbished product offerings in proximity to transportation infrastructure,” the asset manager said.

Accord Capital Partners served as the exclusive financial adviser for the transaction, according to Domain Capital Advisors.

A key part of fellow Danish pension fund PFA’s multi-year “Strategy 2020” has been to increase investment in property and alternatives.

In February, the group outlined its subsequent strategy plan, “Strategy 2023,” but gave no specific targets for real estate.