Denmark鈥檚 AP Pension plans to invest DKK1bn (鈧�134m) in real estate in Denmark鈥檚 Zealand region - the administrative authority alongside Copenhagen - and has formed a partnership with a local development alliance.
The partnership with the Zealand Development Alliance (Sj忙llands Udviklingsalliance) is expected to provide opportunities to invest in residential projects, including senior housing, and public-private partnership projects.
The DKK143bn commercial mutual pension provider said its property subsidiary AP Real Estate had already made 鈥渟ignificant鈥� investments in Holb忙k and Kalundborg - two towns within Region Zealand, an area which does not include the Capital Regional covering Copenhagen.
Bo Normann Rasmussen, AP Pension鈥檚 chief executive officer, said: 鈥淎t AP Pension, we are going to have to increase our real estate investments significantly over the next few year years, and we expect the alliance to provide good, financially sound and sustainable projects.鈥�
The pension provider said it formed the partnership with the Zealand Development Alliance - which worked to improve Zealand and the neighbouring islands Lolland and Falster - to support the development of the region through sustainable real estate projects.
The alliance consists of a board of 14 representatives from the local public, education and private sectors, and had set itself a goal of raising DKK1bn of capital to finance the development of cities and local communities in the region.
鈥淭he Zealand Development Alliance gives us the opportunity to get out into the entire area of Region Zealand quicker and with more and bigger investments,鈥� Rasmussen said.
鈥淲e stand ready with investments in residential property, projects in public-private partnerships and in the establishment of senior homes,鈥� he said.
A spokesman for AP Pension said the partnership agreement was 鈥漚 statement of intent鈥� that the pension fund is ready to invest further in the region, and that no timescale had been set for the planned investments.
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