PFA acquires large property portfolio from Nykredit (DK)

PFA has acquired a portfolio containing 13 impressive investment properties in Copenhagen from Nykredit. The portfolio has been placed in a new fund owned by PFA. The fund has entered into a partnership with the Thylander Group, which will handle project development in respect of the properties.

Through a newly established property fund, with the Thylander Group as manager and partner, PFA has acquired the “Absalon Portfolio” from the Nykredit Group effective September 1, 2013. The property transfer comprises a total of 13 properties with an aggregate floor space of approximately 36,000 m² consisting of residential, retail and office premises.

“It is very rare that we see a portfolio like this in the market, and we are pleased to have succeeded in acquiring the properties in close collaboration with the Thylander Group. The portfolio is a good match for the property portfolio of PFA. A number of the properties are to be developed, and we see great potential in the portfolio, which we expect to generate a comfortable and stable return for PFA,” says Michael Bruhn, Director of PFA’s property company PFA Ejendomme.

The fund is a closed fund with PFA as the sole investor, but the Thylander Group and PFA want to strengthen their partnership further by launching yet another fund aimed at buying up similar properties in the Greater Copenhagen Area.

“It is with pride and pleasure that we have entered into partnership with PFA, and we are looking forward to developing these unique properties in the next few years. We have worked harmoniously with the seller in the sales process,” says Lars Thylander, chairman of the board of the Thylander Group.

The parties do not want to disclose the purchase price.

Nykredit also expresses great satisfaction with the sales process and the sale to PFA.

“Our procedure for inviting offers attracted great interest, and with the completion of this transaction the portfolio has found a safe haven with expert property managers that have solid cash resources at their disposal. We are very pleased with this solution,” says Erik Urskov, Managing Director of Kalvebod Ejendomme III A/S, the Nykredit company behind the property portfolio.

Bech Bruun, Sadolin & Albæk, Lars Gitz Architects and Grontmij advised the buyer and Gorrissen Federspiel and Catella acted for the seller.

Source: PFA

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