DENMARK - Pension scheme provider PFA Pension has sold 37 residential properties to Danish real estate company CenterPlan and RREEF, the real estate asset management arm of Deutsche Bank.
ABN AMRO and Sadolin & Albæk acted as financial advisers to PFA. The parties agreed not to publish the purchase price.
PFA Pension, which has assets under management of DKK206.4bn, announced its intention to sell the properties in January.
The firm’s chief executive officer Henrik Heideby said the sale would help improve returns because the proceeds could be re-invested in commercial instead of residential real estate.
Completion of the transaction is expected to be mid July.
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