Sampension partners up with Danish asset manager Kristensen Properties and purchases yet another property via Kristensen Partners’ VII fund. This time, the pension firm acquires a former commercial real estate in Lyngby, north of Copenhagen.
Compatriot pension providers Danica and Velliv are divesting the asset, having held respective stakes of 75% and 25% in the building spanning more than 10,000 square feet.
The deal has yet to be registered, and for the moment, the shareholders decline to disclose the final sales price.
The property currently houses Ukrainian refugees through a contract lease with the Lyngby-Taarbæk municipality in greater Copenhagen, but the new owners have other plans for the building.
”Initially, we will start by focusing on optimal conditions for the Ukrainian refugees for as long as they need,” stresses Sampension Head of Real Estate & Infrastructure Torbjørn Lange, adding:
”But we plan on looking into optimal developments for the property in the future. An interesting case could, for instance, be establishing a state-of-the-art multipurpose office building, where tenants share facilities like reception, canteen and conference rooms.”
Owns DKK 1bn worth of real estate in the area
This is not the first time Sampension commits to brick investments in the Lyngby-Taarbæk municipality. Actually, the pension fund owns real estate worth DKK 1.2bn (EUR 161m) in the area.
Going forward, Kristensen Properties will be responsible for developing, operating and managing the property.
”The property currently serves a noble cause, but such a visible and striking property in an attractive business area deserves to be revitalized so that it can welcome future tenants after laying grounds for the Ukrainian refugees,” says Kristensen Properties Chief Operating Officer Jeppe Lynge Larsen.
While hesitant to elaborate, he will go as far as to say that the property’s ”forthcoming improvements far exceed retail price.”
Additionally, he expects the Ukrainian refugees to vacate premises towards the end of the year.
(This article was provided by our Danish sister media, EjendomsWatch)