Danish pension fund AP Pension has acquired ‘landmark’ office properties in Copenhagen from Swedish real estate company Corem for SEK 3.9bn (€335m).

In a transaction that AP Pension said may turn out to be the largest real estate deal in Denmark this year, AP Pension’s subsidiary, AP Ejendomme, purchased the office properties Codanhus and the office of the Attorney General at Kalvebod 32.

AP Ejendomme was advised in the transaction by Colliers, the Attorney General, Bruun & Hjejle, Deloitte and Bytoft Consulting, while Corem was advised by CBRE, Kromann Reumert and Breinholt Consulting.

Over the past few years, AP Ejendomme has developed several new office buildings in Copenhagen, including on Trælastholmen, which is leased to EIFO, Danmarks Eksport- og Investeringsfond, as well as the law firm Accura.

There is also construction of a new office building for Nykredit and AP Pension in Nordhavn, which AP Pension sold a 50 per cent stake of to a German pension fund.

Commenting on the announcement, AP Ejendomme Adm. CEO, Peter Olsson, said that the purchase added two extremely attractive properties to the portfolio.

“We are pleased to have been given the opportunity to supplement our portfolio of large, modern and exclusive office properties in Copenhagen with these two attractive properties, which will give us an extremely competitive return and a very high tenancy security,” he stated.

“The deal between AP Ejendomme and Corem shows that the market has corrected itself so much that buyers and sellers have found each other again in a place where the valuations provide value for both parties.

“The purchases of the two office properties are a very good addition to our already active property portfolio. We are constantly assessing how we can optimise our property portfolio as best as possible, and we are sure that the purchases of the two properties will fit well with our other portfolio.

“Thus, for us, it is the right investment decision that we have made with these purchases.”

Colliers executive director, Peter Winther, commented: “We are proud to have played a part in this transaction, which shows that buyers with strong capital and decisiveness in uncertain times with low activity have the opportunity to make very attractive investments."

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