Danish pension fund buys DKK 500b land plots for residential development

Danish pension fund Lærernes Pension has purchased two plots of land in Nørresundby, a city in the North Jutlandic Island in Denmark, for DKK 500 billion ($74 million).

The seller was Stigsborg, which is a joint venture between the Municipality of Aalborg, the real estate arm of Danish pension fund PFA and developer A. Enggaard.

Lærernes Pension plans to construct 280 residential units in the development zone, which will include two-, three- and four-room apartments between 50 square meters (538 square feet) and 120 square meters (1,291 square feet).

The properties will feature balconies, gardens, and terraces and comprise a total of 21,000 square meters (226,042 square feet).