ATP launches new senior housing project
ATP Real Estate has landed the first deal for its new direct residential strategy that will fund the construction of a senior housing project in Denmark, according to spokesperson Maria Lindeberg.
The new project will consist of 72 assisted-living homes in Gribskov municipality in the northern part of Zealand. The estimated budget for the project is $22 million.
The new project will be run by the existing ATP subsidiary, Seniorbolig Danmark, which will own the homes. Operations will be carried out by residential care company OK Fund, which entered into a 20-year contract with the project.
“The project is intended as a pilot for a model to be repeated in other different locations in the country,” said Lindeberg.
The real estate arm of Denmark’s statutory pension fund ATP has been laying the groundwork for the new strategy in recent years. Last year, ATP decided to move into direct residential investments. As part of efforts to diversify away from off