An investor consortium consisting of Danish pension fund PenSam, Korean asset manager AIP Asset Management, and Denmark’s Artha Kapitalforvaltning has agreed to buy the head office of renewable energy company Ørsted from vendor ATP Ejendomme.
Although the price was not disclosed, PropertyEU understands that the deal was valued at around €350 mln. The transaction is expected to close in Q1 2022.
In December 2018, AIP made its debut investment in Denmark – an office in Copenhagen’s Soborg area. It was advised by firms including local player, Fokus Asset Management based in Copenhagen, with whom AIP has worked on its new investment.
The 84,500 m2 Ørsted office campus currently provides workstations for 2,600 Ørsted employees including all headquarter functions. It is located in Copenhagen close to the Danish Technical University. Ørsted originally built this award-winning property for itself, the last phase completing in 2009. The property was subsequently sold to ATP in 2013.
Torsten Fels, CEO, PenSam said: ‘This investment fits perfectly with our strategy of expanding our property portfolio with high-quality properties along with increased demands to sustainability to secure a stable and attractive return for our members. Together with our partners we have acquired one of the most attractive office properties in Copenhagen with a long lease remaining, and at the same time we get to work together with one of the pioneers of the green economy in energy-optimising their property.’
Danny Kim, CEO of AIP, added ‘The acquisition of the Ørsted campus represents a strong continuation of our strategy to diversify into the Nordics after our purchase of the Novo Nordisk property in Copenhagen in 2019 and the acquisition of the OP Headquarters in Helsinki in 2020. We are now clearly the leading South Korean investor in the Nordics. We have tremendous confidence in Copenhagen for several reasons, including the comparatively attractive yields, strong liquidity, and transparent business environment. Going forward, we will continue to focus on acquiring properties in the Nordics as well as in select other European cities.’
The Investor consortium was put together and advised by Fokus Asset Management.