Danish pension fund buys more than €1b of German real estate

The €800 billion ($912 billion) Danish pension fund PFA has made its largest-ever single real estate investment, acquiring more than €1 billion ($1.14 billion) of German assets from Industria Wohnen.

“With the acquisition, we are implementing our recently announced strategy of significantly expanding the real estate portion of our portfolio by 2022. The central component of this strategy is the expansion of activities to locations outside Denmark,” said Michael Bruhn, head of real estate at PFA.

The seller of the “Century” portfolio was Industria Wohnen’s first institutional Spezialfonds, which launched in 2010.

Munich-based Domicil Real Estate Group is a partner and will serve as exclusive asset and portfolio manager for PFA in Germany.

The Century portfolio comprises 33 residential properties with a total of more than 3,700 residential units as well as a commercial property spread over 15 locations in Germany. About two-thirds of the apart